Borana Weaves raises Rs 65.2 crore via anchor book ahead of IPO

Borana Weaves IPO

Textile company Borana Weaves has raised Rs 65.2 crore from 11 institutional investors via an anchor book on May 19, a day before the issue opening.

The public issue will open for subscription on May 20 and close on May 22. The price band for the offer has been fixed at Rs 205-216 per share.

The company, in its filing to exchanges, said it has finalised the allocation of 30,18,543 equity shares to anchor investors at Rs 216 per equity share.

Pink Oal Global Fund, Innovative Vision Fund, Aarth EIF Growth Fund, Saint Capital Fund, Nexus Equity Growth Fund, and Sunrise Investment Trust were amongst 11 anchor investors.

Borana Weaves is raising Rs 144.89 crore via an initial public offering of 67.08 lakh shares at the upper price band. The IPO comprises solely a fresh issue.

Click Here To Read All IPO News

The company intends to utilise IPO proceeds for establishing a new manufacturing Unit to expand its production capabilities to produce grey fabric at Surat, Gujarat. Further, the funds will be used for incremental working capital requirements and general corporate purposes.

Beeline Capital Advisors is acting as the sole merchant banker for Borana Weaves' IPO.