Atlanta Electricals Secures Rs 205 Crore from Anchor Investors Ahead of IPO

Atlanta Electricals Ltd secured Rs 205 crore from anchor investors before its Rs 687-crore IPO, set for September 22-24. The Gujarat-based transformer manufacturer plans to use the proceeds for debt repayment, working capital, and general corporate purposes. Key investors include Kotak, Axis, and HDFC Mutual Funds.

Atlanta Electricals Ltd, known for manufacturing power, auto, and inverter duty transformers, announced on Friday that it has raised Rs 205 crore from anchor investors. This development comes just days ahead of the company's initial public offering (IPO) open for public subscription.

Anchor investors include notable financial entities such as Kotak Mutual Fund, Axis Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, and Pinebridge Global Funds, as mentioned in a circular on the BSE website. The company has allotted over 27 lakh equity shares to 15 funds, valuing each share at Rs 754, which aggregates to the Rs 205 crore raised.

The Gujarat-based company's Rs 687-crore IPO is scheduled to open from September 22 to 24. The IPO involves a fresh issue worth Rs 400 crore and an offer for sale of 38.1 lakh equity shares, valued at Rs 287 crore at the higher price band. Proceeds will cater to debt repayment, working capital needs, and general corporate purposes, with Motilal Oswal Investment Advisors and Axis Capital leading the issue management.

(With inputs from agencies.)