Emmvee Photovoltaic collects Rs 1,305 cr from anchor investors

Makers of solar photovoltaic modules and solar cells Emmvee Photovoltaic Power Ltd has mobilised Rs 1,305 crore from anchor investors, according to an update on the exchange.

The anchor round saw participation from a host of investors such as domestic mutual funds, insurance companies, and foreign entities, according to a circular uploaded on the BSE website on Monday.

ICICI Prudential Mutual Fund (MF), Kotak MF, WhiteOak Capital MF, Franklin Templeton MF, SBI Life Insurance, Aditya Birla Sun Life Insurance, Prudential Hong Kong Ltd, Eastspring Investments, Nuvama, Societe Generale, Hong Kong-based hedge fund Viridian, Morgan Stanley, BNP Paribas, Goldman Sachs, Citigroup Global Markets Mauritius and Nomura have participated in the anchor round.

According to the circular, Emmvee Photovoltaic Power has allotted over 6.01 crore equity shares to 55 entities at Rs 217 per equity share, which is the upper end of the IPO price band, aggregating the transaction size to Rs 1,305 crore.

Of the total equity share allocation to the anchor investors, the company has allocated over 2.99 crore equity shares to 10 domestic mutual funds that have applied for the public issue through 26 schemes, circular said. The Rs 2,900-crore Initial Public Offering (IPO) opens for public subscription on November 11 and will conclude on November 13.

The price band has been set at Rs 206 to Rs 217 per share for its issue. Investors can bid for a minimum of 69 shares and in multiples thereof. At the upper end, the company is targeting a valuation of over Rs 15,000 crore.

The IPO comprises fresh issue of shares worth Rs 2,143.86 crore and an offer for sale (OFS) of shares valued at Rs 756.14 crore by promoters, aggregating the issue size to Rs 2,900 crore.

Proceeds from the fresh issue worth a little over Rs 1,621 crore be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary and a general corporate purposes.