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PSP Projects IPO opens tomorrow, raises Rs95 crore from anchor investors

LiveMint logoLiveMint 16-05-2017 PTI

New Delhi: Construction firm PSP Projects on Tuesday raised a little over Rs95 crore from anchor investors ahead of its initial public offering opening on Friday.

The company has alloted 45,36,000 equity shares at Rs210 apiece aggregating to Rs95.25 crore to nine anchor investors, PSP Projects said in a statement.

The anchor investors include Reliance Mutual Fund, SBI MF, Axis MF, Sundaram MF and Birla Sun Life Insurance.

PSP Projects’ initial share-sale offer will be open for public subscription from 17-19 May. It has fixed the price band at Rs205-210 per equity share.

The public issue comprises fresh issue of up to 72 lakh equity shares and offer for sale of up to 28.80 lakh units by existing shareholders. It is expected to raise Rs211 crore.

Proceeds from the fresh issue will be utilised towards funding working capital requirements and for general corporate purposes. The issue is being managed by Karvy Investor Services and Motilal Oswal Investment Advisors.

PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.

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