Akum Drugs and Pharmaceuticals Raises Rs 829 Crore from Anchor Investors

Akum Drugs and Pharmaceuticals Ltd has raised Rs 829 crore from anchor investors before its public share-sale opening. The Rs 1,875 crore IPO consists of a fresh equity issue and an offer for sale. Proceeds will go toward debt repayment, working capital, acquisitions, and general corporate purposes.

Akum Drugs and Pharmaceuticals Ltd announced on Monday that it successfully raised Rs 829 crore from anchor investors in preparation for its upcoming IPO.

Anchor investors include prominent names like Abu Dhabi Investment Authority and HSBC Global Investment Funds. According to an NSE circular, Akum allocated 1.22 crore shares to 50 funds at Rs 679 each.

The company's Rs 1,875 crore IPO, featuring a price band of Rs 646 to Rs 679 per share, will open for public subscription from July 30 to August 1. The proceeds will be used for various purposes, including debt repayment and funding working capital needs.