Belrise Industries Secures Rs 645 Crore From Anchor Investors Ahead Of IPO
The equity shares of the company are expected to be listed on both the BSE and National Stock Exchange.
Belrise Industries Ltd. raised Rs 645 crore from anchor investors on Tuesday ahead of the launch of its initial public offering.
The company allotted 7.16 crore shares at Rs 90 apiece to 27 anchor investors, according to an exchange filing.
The investors include Blackrock Emerging Frontiers Master Fund Ltd., HDFC Mutual Funds, Bajaj Allianz General Insurance Co., Kotak Iconic Fund, BNP Paribas Funds India Equity and SmallCap World Fund.
Blackrock Emerging Frontiers Master Fund secured 12.76% of the allocation, while SmallCap World Fund and ICICI Prudential Transportation and Logistics Fund received 12.9% and 5.15% stake respectively.
Five domestic mutual funds have applied through a total of 10 schemes. They have collectively netted 42.72% of the anchor portion for Rs 276 crore, the filing stated.
ICICI Prudential, through two of its funds, has secured an allocation of 12.9%, while Nippon Life India Trustee Ltd. A\c Nippon India Small Cap Fund also acquired 12.9% of funds, the filings said.
The IPO price band has been set between Rs 85 and Rs 90 per share, with a minimum bid requirement of 69 shares, followed by multiples of the same.
The company plans to raise up to Rs 2,150 crore through a fresh issue, as mentioned in the red herring prospectus. The IPO will be open till Friday.
Belrise Industries plans to utilise the net proceeds for repayment of outstanding borrowings and general corporate purposes.
Axis Capital Ltd., HSBC Securities and Capital Markets (India) Pvt., Jefferies India Pvt., and SBI Capital Markets Ltd. are the book-running lead managers for the issue, whereas Link Intime India Pvt. is the registrar.
The equity shares of the company are expected to be listed on both the BSE and National Stock Exchange.
Business
Belrise Industries is an automotive component producer, providing safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural vehicles.
Its product portfolio features metal chassis systems, polymer components, suspension systems, body-in-white components, and exhaust systems.
