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CreditAccess Grameen raises Rs 339 cr from anchor investors

Bengaluru-based microfinance firm CreditAccess Grameen today raised over Rs 339 crore from anchor investors, ahead of its initial share-sale tomorrow.


PTI Last Updated at 08 Aug 2018, 00:08 IST India
CreditAccess Grameen raises Rs 339 cr from anchor investors

Bengaluru-based microfinance firm CreditAccess Grameen today raised over Rs 339 crore from anchor investors, ahead of its initial share-sale tomorrow.

CreditAccess has allotted 80,41,617 equity shares to 21 anchor investors at Rs 422 per scrip, garnering Rs 339.36 crore, according to a regulatory filing.

Among the anchor investors is Neuberger Berman Emerging Markets Equity Fund, Eastspring Investments India Equity Open, Pictet - Indian Equities, ICICI Prudential Banking and Financial Services Fund, Sundaram Mutual Fund, Citigroup Global Markets Mauritius and BNP Paribas Arbitrage.

The price band for the initial public offer (IPO), which will close on August 10, has been fixed at Rs 418-422 per equity share.

The microfinance firm is expected to raise nearly Rs 1,500 crore through the offer.

The company has proposed to make a fresh issue of equity shares aggregating up to Rs 630 crore and an offer for sale of up to 1,18,76,485 equity shares by the promoter -- CreditAccess Asia NV.

CreditAccess Asia owns 99 percent stake in the

microfinance company.

The Bangalore-based firm had filed draft papers with the Securities and Exchange Board of India to float an IPO in January and received the regulator's go-ahead in June.

ICICI Securities, Credit Suisse Securities (India), IIFL Holdings and Kotak Mahindra Capital Company are the book running lead managers to the offer.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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