Acme Solar Holdings Raises Rs 1,300 Crore From Anchor Investors Prior To IPO Launch
Eight domestic mutual funds have applied through 17 schemes to acquire stake in Acme Solar Holdings.
Acme Solar Holdings Ltd. raised Rs 1,300.5 crore from anchor investors on Tuesday ahead of its initial public offering. The company allotted 4.5 crore shares at Rs 289 apiece to 58 anchor investors.
Abu Dhabi Investment Authority Monsoon got the highest allocation of 6.15%. Mirae Asset Midcap Fund Mirae AMF, SBI Life Insurance Co. and ICICI Prudential Life Insurance Co. got the second highest allotment of 5.37% and Nippon Life India Trustee Ltd.- A/C Nippon India Small Cap Fund got 2.38% stake in the company.
Eight domestic mutual funds have applied through 17 schemes, the renewable energy producer said in an exchange filing. They have collectively netted 33.34% of the anchor portion.
Nippon Life India Trustee, HDFC Trustee Company, ICICI Prudential Innovation Fund and Tata Mutual Fund were among the top fund houses in this category.
Kotak Mahindra Capital Co., Nuvama Wealth Management Ltd., ICICI Securities Ltd., JM Financial Ltd., Motilal Oswal Investment Advisors are the book-running lead managers to the issue. KFin Technologies Ltd. are the registrar of the offer.
The company will launch its Rs 2,900-crore initial public offering on Wednesday and has set a price band of Rs 275-289 per share. The three-day IPO comprises a fresh issue of 8.28 crore equity shares worth up to Rs 2,395 crore and an offer for sale of 1.74 crore equity shares worth up to Rs 505 crore, with promoter Acme Cleantech Solutions Pvt. as the sole seller. The minimum application lot size is 51 shares.
The offer, which concludes on Friday, is set to list on the BSE and the National Stock Exchange.
The company plans to utilise Rs 1,795 crore for repayment or prepayment of certain outstanding borrowings availed by subsidiaries and the rest for general corporate purposes.
