Godavari Biorefineries raised ₹166.42 crore from anchor book

23 Oct 2024 , 09:42 AM

India’s one of the largest ethanol producer, Godavari Biorefineries has secured ₹166.42 crore. The company raised amount from 15 institutional investors on October 22.

As per exchange filings, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Whiteoak Capital Mutual Fund and 360 ONE Equity Opportunity Fund were the top anchor investors in the company. They bought shares worth ₹18.85 crore each buying 5.35 lakh shares.

Some other anchor investors were Goldman Sachs, 3P India Equity Fund, Chartered Finance & Leasing (backed by ace investor Madhusudan Kela), Franklin India, Bandhan Small Cap Fund, Edelweiss, Troo Capital, SBI General Insurance Company, and Buoyant Capital AIF.

The company has sold 47,27,980 equity shares to anchor investors at the upper-end of the price band at ₹352 per share.

“Out of the total allocation of 47,27,980 shares to anchor investors, 23,74,218 shares were allocated to 6 domestic mutual funds through a total of 10 schemes,” said the company in its filing.

The initial public offer (IPO) aims to mobilise ₹554.75 crore. The issue opens for subscription from October 23 and will close on October 25. Investors can buy shares at a price band of ₹334-352 per share.

As per RHP, the IPO comprises fresh issue of equity shares worth ₹325 crore and an offer-for-sale (OFS) of 65.26 lakh shares. The company will use fresh issue to repay debt and for other general corporate purposes.