Bharat Coking Coal raises Rs 273cr from anchor investors ahead of IPO

Bharat Coking Coal Ltd (BCCL), a wholly owned subsidiary of Coal India Ltd and the country's largest coking coal producer, has raised Rs 273.1 crore from anchor investors ahead of its initial public offering, the company said on Thursday.

BCCL said it has allotted 11,87,53,500 equity shares to anchor investors at Rs 23 per share.

The IPO is scheduled to open for public subscription on January 9.

Marquee investors participating in the anchor book include Life Insurance Corporation of India, Societe Generale, Copthall Mauritius Investment Ltd, Citrine Fund, M7 Global Fund PCC-ASAS Global Opportunities Fund, Maybank Securities and Rajasthan Global Securities Pvt Ltd.

Among equity-oriented mutual funds, shares were allotted to UTI Dividend Yield Fund and other UTI schemes, Nippon Life India Trustee -- A/C Nippon India Small Cap Fund, and Bandhan Small Cap Fund.

Out of the total anchor allocation, 71,739,600 equity shares were allotted to three domestic mutual funds through eight schemes.

The IPO is entirely an offer for sale by Coal India, which currently holds 100 per cent stake in Bharat Coking Coal. Proceeds from the IPO amounting to Rs 1071 crore at upper price band of Rs 23, will go to Coal India.