Vishnu Prakash R Punglia raises Rs 91.77 crore from anchor investors ahead of IPO

Vishnu Prakash R Punglia, a Rajasthan-based infrastructure company, raised Rs 91.77 crore through an anchor book on August 23 in anticipation of the opening of its initial public offering.

Quant Mutual Fund, Max Life Insurance Company, Kotak Mahindra Life Insurance Company, Societe Generale, Minerva Emerging Opportunities Fund, Copthall Mauritius Investment, and BNP Paribas Arbitrage were just some of the 13 international and domestic investors who took part in the anchor book round.

The construction firm announced the allotment of 92.7 million equity shares to anchor investors at Rs 99 per share in a filing with the markets.

A domestic mutual fund received 25,05,000 shares over five different allocation methods, the business stated, representing a significant portion of the total allocation to anchor investors.

On August 24, Vishnu Prakash R Punglia, a key stakeholder in water supply projects, will release shares to the market at a price range of Rs 94–99. Only newly issued equity shares (3.12 million) are included in the public issue's total of Rs 308.88 crore.

In addition to being used for general corporate purposes, the net issue proceeds would be used to fund the purchase of equipment in the amount of Rs 62.18 crore and meet working capital requirements of Rs 150 crore.

On August 28th, the promotion will end.

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