Northern Arc Capital nets Rs.229 crore from Anchor Investors
Northern Arc Capital, a non-bank financial institution, announced on Friday that, just days before its share sale for public subscription opened, it had received Rs 229 crore from anchor investors.
Among the anchor investors are Quant Mutual Fund, Societe Generale, Goldman Sachs (Singapore) Pte, Kotak Mahindra Life Insurance Company, Reliance General Insurance Company, SBI General Insurance Company, and SBI Life Insurance Company.
The company has allotted 8.702 million equity shares to 15 funds at Rs 263 apiece, which is also the higher end of the pricing band, per a circular posted on the BSE website. The whole transaction value comes to Rs 229 crore as a result.
The public subscription period for the Chennai-based company's Rs 777-crore initial public offering (IPO) will begin on September 16 and end on September 19. The fixed price per share falls between Rs 249 and Rs 263.
The IPO consists of an Funding roundinitial public offering (IPO) of equity shares priced at Rs 500 crore and an offer for sale (OFS) by investor stockholders of up to 10,532,320 equity shares valued at Rs 277 crore, at the top end of the price band. The total issue size comes to Rs 777 crore as a result.
The following companies are selling shares through the OFS: Dvara Trust, Sumitomo Mitsui Banking Corporation, Accion Africa-Asia Investment Company, Leapfrog Financial Inclusion India (II) Ltd, Sumitomo Mitsui Banking Corporation, and 360 ONE Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund).
The offer's price range is between Rs.249 and Rs 263 for each equity share, according to a statement from Northern Arc Capital.
Investors may choose to bid in multiples of 57 equity shares for the lot size.
The company is a non-deposit taking non-banking finance company (NBFC) that has been in the financial inclusion business for more than ten years and is registered with the RBI as a systemically significant.
Among the nation's most prominent diversified nonbank financial companies (NBFCs), Northern Arc has a business model that is varied in terms of offers, sectors, products, locations, and borrower groups. Through Originator Partners, it directly and indirectly gives underserved households and companies access to financing.
Among the anchor investors are Quant Mutual Fund, Societe Generale, Goldman Sachs (Singapore) Pte, Kotak Mahindra Life Insurance Company, Reliance General Insurance Company, SBI General Insurance Company, and SBI Life Insurance Company.
The company has allotted 8.702 million equity shares to 15 funds at Rs 263 apiece, which is also the higher end of the pricing band, per a circular posted on the BSE website. The whole transaction value comes to Rs 229 crore as a result.
The public subscription period for the Chennai-based company's Rs 777-crore initial public offering (IPO) will begin on September 16 and end on September 19. The fixed price per share falls between Rs 249 and Rs 263.
The IPO consists of an Funding roundinitial public offering (IPO) of equity shares priced at Rs 500 crore and an offer for sale (OFS) by investor stockholders of up to 10,532,320 equity shares valued at Rs 277 crore, at the top end of the price band. The total issue size comes to Rs 777 crore as a result.
The following companies are selling shares through the OFS: Dvara Trust, Sumitomo Mitsui Banking Corporation, Accion Africa-Asia Investment Company, Leapfrog Financial Inclusion India (II) Ltd, Sumitomo Mitsui Banking Corporation, and 360 ONE Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund).
The offer's price range is between Rs.249 and Rs 263 for each equity share, according to a statement from Northern Arc Capital.
Investors may choose to bid in multiples of 57 equity shares for the lot size.
The company is a non-deposit taking non-banking finance company (NBFC) that has been in the financial inclusion business for more than ten years and is registered with the RBI as a systemically significant.
Among the nation's most prominent diversified nonbank financial companies (NBFCs), Northern Arc has a business model that is varied in terms of offers, sectors, products, locations, and borrower groups. Through Originator Partners, it directly and indirectly gives underserved households and companies access to financing.
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