Transrail Lighting Raises Rs 246 Crore From Anchor Investors Prior To IPO Launch
Transrail Lighting's offer aims to raise up to Rs 838.91 crore, with proceeds directed towards working capital and capital expenditure.
Transrail Lighting Ltd. has raised Rs 245.97 crore from anchor investors on Wednesday, ahead of its initial public offering. The company allotted 56.93 lakh shares at Rs 432 apiece to 19 anchor investors.
Winro Commercial (India) Ltd. got the highest allocation of 19.51%. ICICI Prudential Energy Opportunities Fund and Tata ELSS Tax Saver Fund got the second highest allotment of 9.35%, while Bengal Finance and Investments Pvt. got the third highest allocation of 8.13%.
Six domestic mutual funds have applied through 10 schemes, the engineering, procurement, and construction company said in an exchange filing on Wednesday. They have collectively netted 40.25% of the anchor portion.
LIC, ICICI Prudential, and Tata were among the top fund houses in this category.
Inga Ventures Pvt., Axis Capital Ltd., HDFC Bank Ltd., and IDBI Capital Markets & Securities Ltd. are the book-running lead managers to the issue.
The company will launch its initial public offering on Thursday to raise up to Rs 838.91 crore. The company has set a price band of Rs 410-432 per share for its three-day IPO, which only comprises an offer for sale worth Rs 438.91 crore and a fresh issue of Rs 400 crore. The minimum application lot size is 34 shares.
The offer, which concludes on Monday, is set to list on the BSE and the National Stock Exchange.
The net proceeds from the fresh issue will be used to fund incremental working capital requirements and further capital expenditure.
The company will utilise Rs 250 crore raised from the net proceeds and pre-IPO placement towards its working capital requirements, of which Rs 217.02 crore will be deployed by fiscal ending March 2025.
Another Rs 90.73 crore has been reserved for capex spends, all of which will be invested in the current financial year.
