Before launching IPO, IRFC raises over Rs 1,398 cr from 31 anchor investors


LAST UPDATED: Jan. 17, 2021, 1:15 p.m.

New Delhi (Anish Yande): The Indian Railway Finance Corporation is preparing to launch an initial public offering in the upcoming week. The financing branch of the Indian Railways has announced that before the launch of the IPO, anchor investors of IRFC have raised to Rs 1,389 crore.

IRFC gathers funds from domestic and foreign markets for financing projects of the Indian Railways. 

Anchor investors of IRFC raise to Rs 1,389 crore:

The 31 anchor investors of IRFC has managed to raise Rs 1,389 crore.  On Friday, Indian Railway Finance Corporation has declared that equity shares of up to 53.45 crore were allocated to the anchor investors.  The share price has been fixed at Rs 26 per share for anchor investors. 

Of the allocated 53.45 crore shares, the Monetary Authority of Singapore acquired 4.15% of shares for Rs 57.62 crore. Goldman Sachs picked 2.16% of the shares for  Rs 29.98 crore. BNP Paribas acquired  3.24% of the shares for up to Rs 44.97 crore. 

Anchor investors of IRFC include Government of Singapore, Monetary Authority of Singapore, Tata AIG General Insurance Co Ltd, Aditya Birla Sun Life Insurance Co Ltd, Kotak Mahindra (International) Ltd, Kuwait Investment Authority Fund, Nippon Life India Trustee Ltd, and HDFC Trustee Company Ltd. 

 IRFC IPO launch details:

The IPO of IRFC would be launching for public retail investors on Monday.   For retail investors, 178 crore equity shares of IRFC would be available for subscription. The equity shares would comprise 118.80 crore shares with an offer for sale up to 59.40 crore shares. 

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The IPO would open for the public from January 18th to January 20th. The issue comes with a price band of Rs 25 to Rs 26 per equity share. 

Indian Railway Finance Corporation is looking to raise funding of up to Rs  4,633 crore, through a fresh issue, via the offer for sale method. 

The President of India, the promoter of IRFC, would be offloading a stake of up to 13.6 percent.

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