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Exxaro Tiles raises Rs 23.68 crore from anchor investors, ahead of IPO

The initial public offering of 1.34 crore equity shares comprises a fresh issue of 1.11 crore equity shares and an offer for sale of 22.38 lakh equity shares by Dixitkumar Patel.

August 03, 2021 / 09:02 PM IST
 
 
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Vitrified tiles manufacturer Exxaro Tiles has raised Rs 23.68 crore from two anchor investors on August 3, ahead of issue opening.

The offer will open for subscription on August 4 and will close on August 6.

The IPO committee of the company, in consultation with merchant bankers, has finalised allocation of 19,73,325 equity shares to anchor investors at a price of Rs 120 per share, said the company in its BSE filing on August 3.

Quant Mutual Fund through its Quant Active Fund and Quant Small Cap Fund bought 7,78,250 equity shares each, and AG Dynamic Funds acquired 4,16,825 equity shares, the company added.

Exxar Tiles is planning to raise Rs 161.08 crore through its public issue at higher end of price band of Rs 118-120 per share.

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The initial public offering of 1.34 crore equity shares comprises a fresh issue of 1.11 crore equity shares and an offer for sale of 22.38 lakh equity shares by Dixitkumar Patel.

The offer includes a reservation of 2,68,500 equity shares for the company's employees, which will be issued at a discount of Rs 12 to final issue price.

Also readExxaro Tiles IPO | 10 things to know before subscribing to the issue

The net proceeds from the fresh issue will be used for repaying of certain borrowings, working capital requirements, and general corporate purposes.

Exxaro Tiles is engaged in manufacturing and marketing of vitrified tiles used majorly for flooring solutions.
Moneycontrol News
first published: Aug 3, 2021 09:02 pm

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