GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Varroc Engineering Garners Rs 584 Crore from Anchor Investors; IPO Opens

Founded in 1990 in Aurangabad, Varroc is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger car and motorcycle segments worldwide.

PTI

Updated:June 26, 2018, 2:48 PM IST
facebookTwittergoogleskypewhatsapp
Varroc Engineering Garners Rs 584 Crore from Anchor Investors; IPO Opens
Image for representation. (Photo: Reuters)
New Delhi: Auto component maker Varroc Engineering has raised Rs 584 crore from anchor investors as its initial share sale opens on Tuesday for public subscription.

Nomura, Canadian pension fund CDPQ, Smallcap World Fund Inc, Nomura Fund Ireland Public Ltd, DSP BlackRock, ICICI Prudential Mutual Fund and SBI Mutual Fund are among the anchor investors, the company informed the stock exchanges.

The company's IPO committee has finalised allocation of over 60.36 lakh shares to 30 anchor investors at a price of Rs 967 apiece, also the upper price band of the offer.

At this price, the total proceeds would be around Rs 583.73 crore.

Varroc Engineering's IPO is open for public subscriptions during June 26-28. At the upper end of the price band, the public issue will fetch Rs 1,955 crore.

The initial public offer (IPO), for which the company set a price band of Rs 965-967, consists of an offer-for-sale to the tune of 20,221,730 equity shares by promoters and existing investors.

While promoter Tarang Jain will sell up to 1,752,560 shares up, investor Omega TC Holdings will offload up to 16,917,130 equity shares and Tata Capital will divest up to 1,552,040 shares.

Founded in 1990 in Aurangabad, Varroc is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger car and motorcycle segments worldwide.

Kotak Mahindra Capital, Citigroup Global Markets India, Credit Suisse Securities India and IIFL Holdings are managing the issue.

Also Watch

| Edited by: Ahona Sengupta
Read full article
Most Active
Company Price Change %Gain
Ashok Leyland 105.70 -4.85 -4.39
Mindtree 971.15 -90.65 -8.54
Bajaj Finance 2,520.20 +31.45 +1.26
Tata Steel 498.65 -5.60 -1.11
Kotak Mahindra 1,347.40 -51.15 -3.66
Company Price Change %Gain
RBL Bank 555.90 -9.05 -1.60
Ashok Leyland 105.90 -4.70 -4.25
Reliance 1,103.90 +13.35 +1.22
Tata Steel 499.75 -4.95 -0.98
Bajaj Finance 2,517.60 +29.55 +1.19
Top Gainers
Company Price Change %Gain
Titan Company 869.85 +23.65 +2.79
Bharti Airtel 345.00 +8.20 +2.43
Yes Bank 392.30 +8.65 +2.25
Vedanta 208.20 +4.50 +2.21
ITC 273.30 +4.75 +1.77
Company Price Change %Gain
Bharti Airtel 345.05 +8.25 +2.45
Vedanta 208.30 +4.50 +2.21
Yes Bank 391.20 +7.40 +1.93
ITC 272.90 +4.60 +1.71
Adani Ports 369.15 +5.05 +1.39
Top Losers
Company Price Change %Gain
Hindalco 197.60 -14.80 -6.97
Bharti Infratel 285.30 -13.95 -4.66
Kotak Mahindra 1,347.40 -51.15 -3.66
Cipla 610.10 -17.30 -2.76
Larsen 1,258.10 -34.05 -2.64
Company Price Change %Gain
Kotak Mahindra 1,350.25 -51.80 -3.69
Larsen 1,255.55 -33.60 -2.61
Hero Motocorp 3,458.90 -42.60 -1.22
Tata Steel 499.75 -4.95 -0.98
Coal India 261.50 -2.50 -0.95