MT Educare raises Rs 12.86cr via anchor book at Rs 74/sh

MT Educare (known as Mahesh Tutorials), a private coaching services provider to students from class 8 to class 12, has received commitment of Rs 12.86 crore from anchor investors on March 26 - a day before the issue opens.

Six anchor investors subscribed to17,37,914 equity shares at the lower end of the price band of Rs 74-80 a share, which suggests that the issue may get a huge response at the lower band from March 27 to 29.

There are two big investors - Nomura Trust & Banking Company and Birla Sun Life Trustee Company Private Limited.

Nomura via its Nomura India Stock Mother Fund subscribed for 10.62 lakh shares while the rest of the shares were bought by Birla Sun Life through its five funds namely 95 Fund, India Gennext Fund, Small & Midcap Fund, MIP and MIP II - Wealth 25 Plan.

The company proposed to raise Rs 35 crore via fresh issue of shares. Private equity firm Helix Investments Company planned to sell 80 lakh shares by diluting 22.5% stake in the company. Accordingly, the total issue size stands at Rs 94.2 crore.