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May 16, 2012, 11.46 AM IST
Speciality Restaurants has agreed to sell shares worth Rs 26.41 crore to five anchor investors, it said in a regulatory filing on Tuesday, ahead of its USD 34 million initial public offering.
Speciality Restaurants, which runs popular food chains such as Mainland China, Oh! Calcutta and Sigree, said it has finalised allocation of 17.6 lakh shares to five investors at Rs 150 a share - an average of price band of Rs 146-155. Anchor investors are Morgan Stanley Mutual Fund, International Opportunities Funds-India Equity, SBI Magnum Global Fund, Reliance Equity Opportunities Fund and HSBC India Alpha (Mauritius). The company, promoted by Anjan Chatterjee and Suchhanda Chatterjee, aims to raise around Rs 182 crore at higher end of price band, via IPO of 117.4 lakh shares. It plans to use the proceeds to expand its restaurants footprint, develop a food plaza and repay a term loan. Kotak Mahindra Capital is the sole manager for Speciality's IPO, which will open for subscription on Wednesday and close on Friday. (With inputs from Reuters)
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