Transrail Lighting mobilises Rs 246 crore from several anchor investors, of Rs 839 crore IPO

Transrail Lighting PO

Engineering and construction company Transrail Lighting has raised Rs 245.97 crore via anchor book on December 18. The Rs 839-crore maiden public issue will open on December 19, with price band of Rs 410-432 per share.

The IPO, which closes on December 23, is a mix of fresh issuance of equity shares worth Rs 400 crore, and an offer-for-sale of 1.01 crore equity shares worth Rs 438.9 crore by promoter Ajanma Holdings.

"...has finalised allocation of 56,93,832 equity shares to anchor investors at a price of Rs 432 per equity share," the company in its exchange filing said on Wednesday.

Several key institutional investors like Winro Commercial, ICICI Prudential Mutual Fund, Tata Mutual Fund, LIC Mutual Fund, Bandhan Mutual Fund, SBI General Insurance, ITI Mutual Fund, Nuvama, Taurus Flexi Cap Fund, Citrus Global Arbitrage Fund, and BNP Paribas Financial Markets invested in the company via anchor book.

Among others, Bengal Finance and Investments, Varanium India Opportunity, Subhkam Ventures, and Negen Undiscovered Value Fund also became shareholders in the company.

"Out of the total allocation of 56.93 lakh shares to anchor investors, 22.91 lakh shares were allocated to 6 domestic mutual funds through a total of their 10 schemes," Transrail Lighting said.

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The company provides power transmission and distribution solutions on a turnkey basis globally, completing more than 200 projects since inception. With footprint in 58 countries, it has undertaken EPC of 34,654 circuit kilometers transmission lines and 30,000CKM distribution lines.

Mumbai-based Transrail will utilise fresh issue proceeds for incremental working capital requirements, capital expenditure, and general corporate purposes.

Inga Ventures, Axis Capital, HDFC Bank, and IDBI Capital Markets & Securities are acting as the book running lead managers to the issue.