New Delhi, Dec 18 (PTI) Yarn manufacturer Sanathan Textiles on Wednesday said it has mobilised Rs 165 crore from anchor investors ahead of its initial share-sale opening for public subscription.

SBI Mutual Fund (MF), Nippon India MF, HDFC MF, Kotak MF, Bandhan MF, SBI General Insurance Company, Societe Generale, and PineBridge Global Funds, are among the anchor investors, according to a circular uploaded on the BSE website.

Also Read | Cancer Vaccine Ready for Use, Announces Russia; What Is the Cost? How Effective Is It? When Will It Be Available?.

As per the circular, Sanathan Textiles has allotted 51.4 lakh shares to 20 funds at Rs 321 apiece, which is also the upper end of the price band.

This aggregates the transaction size to Rs 165 crore.

Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for December 18, 2024 Declared, Check Winning Numbers and Result Chart of Satta Matka-Type Lottery Game.

The issue, with a price band of Rs 305-321 per share sale will open for public subscription on December 19 and conclude on December 23.

The company's Rs 550-crore IPO is a combination of a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of shares valued Rs 150 crore by promoters and promoter group entities.

The company plans to utilise the proceeds from its fresh issue worth Rs 160 crore for paymeo for Christmas 2024: Celebrate the Holiday With José Feliciano’s Iconic Christmas Song To Spread the Joy Amid Festivity

New Delhi, Dec 18 (PTI) Yarn manufacturer Sanathan Textiles on Wednesday said it has mobilised Rs 165 crore from anchor investors ahead of its initial share-sale opening for public subscription.

SBI Mutual Fund (MF), Nippon India MF, HDFC MF, Kotak MF, Bandhan MF, SBI General Insurance Company, Societe Generale, and PineBridge Global Funds, are among the anchor investors, according to a circular uploaded on the BSE website.

Also Read | Cancer Vaccine Ready for Use, Announces Russia; What Is the Cost? How Effective Is It? When Will It Be Available?.

As per the circular, Sanathan Textiles has allotted 51.4 lakh shares to 20 funds at Rs 321 apiece, which is also the upper end of the price band.

This aggregates the transaction size to Rs 165 crore.

Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for December 18, 2024 Declared, Check Winning Numbers and Result Chart of Satta Matka-Type Lottery Game.

The issue, with a price band of Rs 305-321 per share sale will open for public subscription on December 19 and conclude on December 23.

The company's Rs 550-crore IPO is a combination of a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of shares valued Rs 150 crore by promoters and promoter group entities.

The company plans to utilise the proceeds from its fresh issue worth Rs 160 crore for payment of debt, Rs 140 crore will be invested in its subsidiary, Sanathan Polycot Pvt Ltd, for the repayment or prepayment of its borrowings, and the remaining amount will be allocated for general corporate purposes.

Sanathan Textiles operates three distinct yarn business divisions -- polyester yarns, cotton yarns, and yarns -- for technical textiles and industrial applications. These divisions are managed under a single corporate entity.

Half of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Further, investors can bid for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.

Dam Capital Advisors and ICICI Securities are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and the NSE.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)