MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Saturday, 12 October 2024

Northern Arc Capital raises Rs 229 crore from anchor investors ahead of IPO

The company intends to use the net proceeds to meet future capital requirements towards onward lending in its focussed sectors and to ensure compliance with the RBI regulations towards capital adequacy for FY25

A Staff Reporter Calcutta Published 15.09.24, 10:36 AM
Representational image

Representational image File picture

Non-bank finance company Northern Arc Capital has garnered 229 crore from anchor investors ahead of its initial public offer, which will open on Monday, September 16.

Fifteen institutional investors, which include Quant Mutual Fund, SBI Life, SBI General Insurance, Volrado Venture Partners, Anchorage Capital Fund, Canara HSBC Life, Kotak Mahindra Life, Societe General, Goldman Sachs (Singapore), Future Generali India Life Insurance and Reliance General Insurance, have subscribed to 8,702,031 equity shares at an upper price band of 263 per share.

ADVERTISEMENT

The Chennai-based company has set a price band of 249 to 263 per share and is looking to raise 777 crore from its IPO, which includes fresh issue of shares worth 500 crore and an offer for sale worth 277 crore at the upper end of the price band.

The company intends to use the net proceeds to meet future capital requirements towards onward lending in its focussed sectors and to ensure compliance with the RBI regulations towards capital adequacy for FY25.

Those offering shares through the offer for sale are LeapFrog Financial Inclusion Indian (II) Ltd, Accion Africa-Asia Investment Company, Eight Roads Investments Mauritius II Ltd, Sumitomo Mitsui Banking Corporation, 360 ONE Special Opportunities Fund and Dvara Trust.

The IPO closes on September 19.

Follow us on:
ADVERTISEMENT
ADVERTISEMENT