Comments
Northern Arc Capital has raised ₹229 crore from 15 anchor investors at the upper end of its IPO price band at ₹263 a share, a statement said.
The top anchor investors were Quant MF, SBI Life Insurance, SBI General Insurance, Singularity Equity Fund, Volrado Venture Partners, who were allotted 11.26 per cent each of the anchor portion.
Other investors included Anchorage Capital Fund, Canara HSBC Life Insurance, Kotak Mahindra Life Insurance, Société Generale and Goldman Sachs.
The price band of the IPO is in the range ₹249 to ₹264 a share and the bids will be open September 16-19. Investors can bid for a minimum of 57 shares and in the multiples of 57 thereafter.
The company will be raising up to ₹500 crore through a fresh issue and there is an offer for sale of up to a little of 1 crore shares by selling shareholders such as LeapFrog Inclusion India, Accion Africa-Asia Investment Company, 360 ONE Special Opportunities Fund, Eight Roads Investments Mauritius II, Dvara Trust and Sumitomo Mitsui Banking.
The issue proceeds will be used to meet its future capital requirements for lending in its focused sectors such as MSME financing, MFI, consumer finance, vehicle finance, affordable housing finance and agricultural finance, and to ensure compliance with the RBI regulations on capital adequacy for FY25.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.