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Motisons Jewellers raises Rs 36 cr from anchor investors, Retail News, ET Retail

<p>Representative image</p>
Representative image

New Delhi:Motisons Jewellers, a Jaipur-based retail jeweller company, on Friday said it has raised a little over Rs 36 crore from anchor investors days before its maiden public issue. The company has allotted 66 lakh equity shares to two funds at Rs 55 apiece — the upper end of the price band, according to a circular uploaded on the BSE website.

Meru Investment Fund PCC-Cell 1 bought 46 lakh equity shares amounting to Rs 25.3 crore, and Zinnia Global Fund PCC-Cell Dewcap Fund purchased 20 lakh shares valued at Rs 11 crore.

Together, they bought shares worth Rs 36.3 crore, data showed.

The maiden public issue is entirely a fresh issue of 2.74 crore equity shares with no Offer For Sale (OFS) component.

The Initial Public Offering (IPO) with a price band of Rs 52-55 a share will open on December 18 and conclude on December 20.

At the upper end of the price band, the IPO will fetch Rs 151 crore.

Proceeds from the issue will be used for debt payment, funding the working capital requirement of the company and a portion will also be used for general corporate purposes.

Holani Consultants is the book-running lead manager for the issue. The equity shares are proposed to be listed on the BSE and the NSE.

  • Published On Dec 17, 2023 at 12:05 PM IST

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