Central Mine Planning & Design Institute Ltd has raised Rs 469.7 crore from anchor investors on Wednesday, ahead of its initial public offering. The company allotted 2.73 crore shares at Rs 172 apiece to 22 anchor investors.
Life Insurance Corporation of India got the highest allocation of 22.35%. While Nippon Life India Trustee Ltd. A/C Nippon India Small Cap Fund got the second highest allotment of 19.16% and ICICI Prudential Dividend Yield Equity Fund got 7,45% stake in the company.
Four domestic mutual funds have applied through nine schemes, the company said in an exchange filing on Wednesday. They have collectively netted 43.64% of the anchor portion. ICICI Prudential, Nippon, Edelweiss and LIC were among the major fund houses in this category.
Coal India's subsidiary has fixed a price band of Rs 163-172 per share for its upcoming IPO. The company's initial share sale will open for public consumption on March 20 and conclude on March 24, according to a public announcement.
The IPO is solely an offer for sale (OFS) of shares with a face value of Rs 2 aggregating up to 107,1,00,000 by promoter Coal India Ltd. There is no fresh-issue component.
Since there is no fresh issuance of shares, the company will not get any proceeds from the offer. The money raised will go to the promoter.
Central Mine Planning and Design Institute offers consultancy and support services for the entire spectrum of coal, mineral exploration, mine planning and design services. The services also include infrastructure engineering, environmental management, geomatics, specialized technology services, and management systems, primarily for the coal industry as well as for other minerals.
CMPDI is the largest coal and mineral consultancy in India and is the preferred consultant for Coal India. CMPDI was incorporated on November 1, 1975 as a wholly owned subsidiary of Coal India.
IDBI Capital Markets Ltd. and SBI Capital Markets Ltd. are the merchant bankers to the IPO.
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