A day ahead of its estimated Rs 99-crore maiden public offer, coaching services provider MT Educare on Monday allotted 17.38 lakh shares worth Rs 12.86 crore to two anchor investors -- Nomura Trust and Birla Sun Life.
In a meeting of the Board of Directors held Monday, the company allotted the shares to the anchor investors at a price of Rs 74 apiece, MT Educare said in a filing to the Bombay Stock Exchange.
Out of the total allotted shares, 10.62 lakh equity shares have been given to The Nomura Trust and Banking Co Ltd for Rs 7.86 crore, it added.
The rest 6.76 lakh shares have been allotted to various funds of Birla Sun Life Trustee Company Pvt Ltd for a total consideration of Rs 5 crore.
The company's initial public offer to raise a total of up to Rs 99 crore will open tomorrow for subscription and will close on March 29. The price band of the issue has been fixed at Rs 74-Rs 80 per equity share.
While the company will enter the capital market with a fresh issue of shares for about Rs 35 crore, private equity fund Helix Investments will offload 80 lakh shares worth up to Rs 64 crore through the offer.
The company is engaged in providing coaching services to students in the secondary, higher secondary and graduation levels in commerce faculty.
Funds raised through this IPO will be used for partially financing the cost of construction of a pre-university college campus at Mangalore in Karnataka and establishing new coaching centres at 20 locations.
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