Pranav Constructions Raises Rs 84 Crore from Anchor Investors; IPO To Open September 7

New Delhi, Sep 5: Real estate developer Pranav Constructions Ltd on Friday raised Rs 84.24 crore from anchor investors, ahead of the opening of its initial public offering (IPO) for subscription.

The company allocated 67.94 lakh equity shares at Rs 124 apiece to anchor investors, according to a circular uploaded on the BSE website.

Investors participating in the anchor round included Goldman Sachs Investments (Mauritius) Ltd, ITI Mutual Fund, Taurus Mutual Fund, Abudantia Capital VCC and Ashika India Select Fund.

Pranav Constructions has fixed a price band of Rs 118-124 per share for its over Rs 351-crore IPO. The issue will open for subscription on September 7 and close on September 9.

The IPO comprises a fresh issue worth Rs 315.6 crore and an offer-for-sale (OFS) of 28.5 lakh equity shares worth Rs 35.43 crore by investor shareholder BioUrja India Infra.

Pranav Constructions is a real estate developer focused on the Municipal Corporation of Greater Mumbai redevelopment segment in Mumbai’s western suburbs.