Oberoi Realty gets anchor investors

To issue 71.21 lakh shares to anchor investors at Rs 260 per share

The initial public offer of Oberoi Realty was subscribed 4% by 16:00 IST on the first day of the issue today, 6 October 2010. The IPO received bids for 17.79 lakh shares, compared with 3.95 crore shares on offer.



Oberoi Realty has set Rs 253-260 per share price band for the IPO. The issue, which closes on 8 October 2010, will constitute 12% of the fully diluted post-issue paid-up share capital of the company.

Oberoi Realty on Tuesday, 5 October 2010, said it has finalised allocation of 71.21 lakh shares at Rs 260 per share to 19 anchor investors to raise Rs 185 crore. The anchor investors include Eton Park, Alliance Bernstein, T Rowe Price, Fidelity, ICICI Prudential Mutual Fund, Birla Sun Life Mutual Fund and Reliance Mutual Fund.

The Mumbai-based property developer focuses on premium residential projects. The company is planning to use the issue proceeds for construction of ongoing projects and planned projects, acquisition of land, land development rights and general corporate purposes.