Vishnu Prakash R Punglia garners ₹92 cr from anchor investors

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Vishnu Prakash R Punglia Ltd on Wednesday raised ₹92 crore from anchor investors ahead of its initial public offering (IPO), which opens on Thursday.

The company plans to raise about ₹309 crore from the IPO and fixed the price band at ₹94-99. The issue will be open till August 28 for public subscription.

The Engineering, procurement, and construction firm has decided to allocate 92.7 lakh shares to anchor investors at ₹99 a share. Quant MF, Kotak Mahindra Life Insurance Company, Max Life Insurance Company, BNP Paribas, Copthall Mauritius Investment, Milky Investment and Trading Company, Societe Generale and Minerva Emerging Opportunities Fund are among the anchor investors.

The entire IPO is a fresh issue. Proceeds will be utilised for purchasing capital equipment, funding the working capital requirements of the company, and the balance for general corporate purposes.