Tata Steel FPO's anchor book gets strong response

Anchor book (a part of QIBs) of Tata Steel's follow-on public offer (FPO) received overwhelming response from anchor investors on Tuesday (a day before issue opens for subscription).

The world's seventh largest steel maker has received commitment of Rs 507.825 crore as against allotment (which will be done along with other investors) of 8.32 million equity shares to 33 anchor investors at the higher end of price band of Rs 594-610 per share.

Anchor investors include names like FID Funds (Mauritius), Abu Dhabi Investment Authority, Nomura Mauritius, Macquaire Bank, PCA India Infrastructure, Credit Suisee, Monetary Authority of Singapore, Govt of Singapore, Bajaj Allianz Life Insurance, Morgan Stanley, Global Strategic Investments, Pictet Funds Mauritius, Metlife India Insurance, Indus Capital, Reliance Life Insurance, India Fund, Geosphere Fund, Emerging Markets Growth Fund, Capital International, Broad Peak, Barclays Capital, HDFC Trustee and ICICI Prudential.

The company aims to raise Rs 3,385.8-3,477 crore through the issue, which will close on January 21.

A 5.7 crore equity shares' FPO of Tata Steel has opened for subscription. Price band is at Rs 594-610 a share for the issue.

Tata Steel intends to use issue proceeds for partly financing the company