Transrail Lighting Collects Rs 246 Crore From Anchor Investors

New Delhi: Transrail Lighting Ltd has mobilised Rs 246 crore from anchor investors, including ICICI Prudential Mutual Fund and Tata Mutual Fund. Apart from these, Winro Commercial (India) Ltd, Bengal Finance and Investments, SBI General Insurance Company and LIC Mutual Fund are the top anchor investors, according to a circular uploaded on BSE's website.

According to the circular, Transrail Lighting has allotted 56.94 lakh shares to 19 funds at Rs 432 apiece, which is also the upper end of the price band, aggregating the transaction size to Rs 245.97 crore. The Rs 839-crore IPO is available for public subscription starting December 19 to December 23. Transrail Lighting has fixed the price band at Rs 410-432 per share. The company's proposed IPO combines a fresh issue of shares worth Rs 400 crore and an offer for sale of 1.01 crore equity shares by a promoter, Ajanma Holdings Private Ltd.

Transrail Lighting IPO Aims to Raise  Rs 839 Crore to Fuel Growth and Expansion

At present, Ajanma Holdings holds 83.22 per cent stake in the Mumbai-based company. At the upper end of the price band, the IPO size has been pegged at Rs 839 crore and a market capitalization of nearly Rs 5,600 crore. Proceeds from the fresh issue will be used to fund additional working capital needs to support capital expenditure and general corporate purposes. Half of the issue has been reserved for qualified institutional buyers, 35 for retail investors and the remaining 15 per cent for non-institutional investors.

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Further, investors can bid for a minimum of 34 shares and in multiples thereof. Transrail Lighting is one of the leading Indian Engineering, Procurement and Construction (EPC) companies with a primary focus on the power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. It has a footprint in more than 58 countries. Inga Ventures, Axis Capital, HDFC Bank and IDBI Capital Markets & Securities are the book-running lead managers for the issue.