8 anchor investors help Indiabulls Power

Indiabulls Power, a subsidiary of Indiabulls Real Estate, which is coming out with initial public offering (IPO) on Monday, October 12, has raised Rs 2.75 billion by allocating 61.1 million equity shares of face value of Rs 10 each at a price of Rs 45 each to anchor investors in the pre-IPO placement. The price includes a share premium of Rs 35 an equity share. The issue closes on Thursday, October 15.

Copthall Mauritius Investment picked up majority of the anchor investment stake. It bought 21.08 million equity shares there by helping the firm to raise Rs 948.60 million. Next in line was BNP Paribas Arbitrage which picked 10.50 million which helped the firm raise Rs 472 million.

Other anchor investors who subscribed include Nomura India Investment Fund Mother Fund, The Nomura Trust and Banking India Stock Mother Fund Co as the trustee of Nomura India Stock Mother Fund, Indea Capital,Norses Bank, Credit SuissSe Sinsapore and Macquarie Bank.

SEBI introduced the concept of anchor investors in June. An anchor investor can subscribe for up to 30% of the 60% portion reserved for QIBs in an IPO. Such an investor will have a lock in period of one month