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SKS anchor investors line up at Rs985 a share

SKS anchor investors line up at Rs985 a share
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First Published: Tue, Jul 27 2010. 11 14 PM IST
Updated: Tue, Jul 27 2010. 11 14 PM IST
Hyderabad: Anchor investors for SKS Microfinance Ltd’s initial public offer (IPO) have lined up to buy all the shares available to them at the top end of the price band, a top company executive said.
India’s largest microfinance firm is offering 16.79 million shares at Rs850 to Rs985 each, and has allocated 18% of this to anchor investors, as required by law. At Rs985 a share for about 3.02 million shares, SKS would raise Rs297.7 crore from anchor investors alone, who can’t sell the shares for at least 30 days.
“There was a huge interest from leading global institutional investors to pick up 18% of the IPO (the portion allocated to anchor investors) at Rs985 a share,” S. Dilli Raj, chief financial officer of SKS, said Tuesday. The offer opens on 28 July.
The company has decided to allocate shares to 18 investors comprising 36 funds, Raj said. These include: Abu Dhabi Investment Authority, JP Morgan Indian Investment Trust, Morgan Stanley India Investment Fund, Goldman Sachs India Fund Ltd, Birla Sun Life Trustee Co. Pvt. Ltd, BNP Paribas Mutual Fund and ICICI Prudential Life Insurance Co.
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First Published: Tue, Jul 27 2010. 11 14 PM IST