RailTel Corporation gets Rs 244 crore investment from 14 investors
A day before the issue of its IPO for public bidding, RailTel Corporation of India Limited (RailTel) has bagged Rs 243.99 crore from 14 anchor investors. The company has informed the stock market that it has allocated 2,59,57,446 shares at Rs. 94 per share to the anchor investors.
Foreign portfolio investors who participated include Aurigin Capital via its Aurigin Master Fund and Utilico Emerging Markets Trust, Reliance Capital managed Cohesion MK Best Ideas Sub-Trust, Singapore based, Integrated Core Strategies Asia and Goldman Sachs India.
Apart from this, the domestic investors were HDFC Life Insurance which picked up the largest allocation of 14.34% for Rs 34.99 crore. Following HDFC Life Insurance, Nippon Life MF picked up 12.29% amounting to Rs 29.99 crore.
Other domestic institutions that were allocated shares were ICICI Prudential MF across four schemes; HDFC MF across four schemes; IIFL Mutual Fund via its Focused Equity Fund, Tata Mutual Fund via its Digital India Fund and Edelweiss Mutual Fund across four schemes.
The AIF who participated in the anchor bidding was Edelweiss AIF via its Crossover Opportunities Fund Series II.
Key brokerage houses like Angel Broking, Reliance Securities, Choice Broking and Hem Securities have recommended investing in the public issue citing the strategic relationship and role the company will play in digital transformation of the Indian Railways, its return ratios being better compared to other telecom players in india, industry dynamics, ability to monetize its existing assets, strong and stable financial position and long term prospects.
ICICI Securities Limited, IDBI Capital Markets & Securities Limited and SBI Capital Markets Limited are appointed as the BRLMs to the offer.
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