Bharat Coking Coal, the mini-ratna company being a wholly-owned subsidiary of Coal India, has raised Rs 273.13 crore from 15 anchor investors on January 8, a day before the Initial Public Offering (IPO) opening for subscription.
The company tapped capital markets to mop up Rs 1,071.11 crore via IPO of 46.57 crore equity shares at the upper end of price band of Rs 21-23 per share. It is entirely an offer-for-sale by promoter Coal India.
The offer will open for public subscription on January 9 and close on January 13.
Bharat Coking Coal (BCCL) on Thursday has finalised allocation of 11.87 crore equity shares to anchor investors at Rs 23 per share.
Life Insurance Corporation of India (LIC) was the biggest investors in the anchor book of BCCL, acquiring 3.39 crore equity shares worth Rs 78 crore, followed by Nippon Life India and Bandhan Mutual Fund which each picked up 3.26 crore shares worth Rs 75 crore.
Click Here To Read All IPO News
Other anchor investors were Societe Generale, UTI Mutual Fund, Citrine Fund, Rajasthan Global Securities, M7 Global Fund, Copthall Mauritius Investment, and Maybank Securities.
"Out of the total allocation to anchor investors, 7.17 crore shares were allocated to three domestic mutual funds - Nippon Life India, UTI MF, and Bandhan Mutual Fund," Bharat Coking Coal in its filing said.
The company that produces raw coking & non-coking coal and washed coal & its by-products for steel, power, and cement sectors will not receive any funds via IPO as all the money will be received by selling shareholder Coal India.
Half of the net public issue size has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 35 percent shares for retail investors.
Bharat Coking Coal IPO shares traded at 50 percent premium in the grey market, the market observers said.
IDBI Capital Markets, and ICICI Securities are acting as merchant bankers for the Bharat Coking Coal IPO.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
