Kanohar Electricals raises ₹317 crore from anchor investors; IPO opens for subscription
The company informed the bourses that it allocated 50.11 lakh equity shares at Rs ₹632 per share to anchor investors, comprising 42 funds
Kanohar Electricals Ltd, a prominent transformer manufacturer, has successfully raised ₹317 crore from anchor investors through its ₹1,056 crore Initial Public Offering (IPO). The company launched its IPO on September 8, with the anchor round taking place on September 7. Prominent anchor investors included ICICI Prudential Mutual Fund, Ashoka Whiteoak Emerging Markets Equity Fund, Allianz Global Investors Fund, HSBC Global Investment Funds, HDFC Life Insurance Company, Kotak Mutual Fund, Mirae Asset Mutual Fund, and Motilal Oswal Mutual Fund.
The IPO comprises a fresh issue of shares worth up to ₹300 crore and an offer for sale of up to 1.2 crore shares, valued at ₹756 crore at the higher end of a ₹601-632 price band. The proceeds will be utilized for various purposes, including capital expenditure, working capital requirements, and general corporate purposes.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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