Institutional Investors Buy Stocks Worth 285 Cr. Rupees through an anchor book, issuance begins on December 18

Muthoot Microfin IPO: More than 20 institutional investors participated in the company's anchor book

Microfinance institution Muthoot Microfin has mobilized nearly Rs 285 crore through its anchor book launched for a day on December 15, a day before the issue opened.

More than 20 institutional investors participated in the company's anchor book, including renowned names such as WCM International, JNL Multi-Manager International, North Carolina Supplemental Retirement Plans, Clearwater International Fund, Florida Retirement System, Morgan Stanley, Integrated Core Strategies and Copthall Mauritius Investment and Société Générale.

Several insurance companies including ICICI Prudential Life Insurance, HDFC Life Insurance, Bajaj Allianz Life Insurance, Kotak Mahindra Life Insurance, SBI General Insurance, ICICI Lombard General Insurance, Cholamandalam MS General Insurance and Pramerica Life Insurance also invested in the UK-based private equity Company backed by investor Greater Pacific Capital via Anchor Book.

Also read: Muthoot Microfin IPO: 10 things you should know before investing in Rs 960 crore issue

Muthoot Microfin said in its filing to the stock exchanges on Friday that allotment of 97,93,812 shares to anchor investors at a price of Rs 291 per share has been completed.

The microfinance company's Rs 960-crore IPO will open for subscription from December 18-20. The price range for the offer has been set at Rs 277-291 per share.

The IPO is a mix of a fresh issue of shares worth Rs 760 crore by Muthoot Microfin and an offer for sale (OFS) of shares worth Rs 200 crore by promoters and investors.

Also read: Suraj Estate Developers IPO: Anchor investors choose shares worth Rs 120, issue begins on December 18

Promoters Thomas John Muthoot, Thomas Muthoot, Thomas George Muthoot, Preethi John Muthoot, Remmy Thomas and Nina George will sell shares worth Rs 150 crore while investor Greater Pacific Capital WIV OFS shares worth Rs 50 crore .

Greater Pacific Capital WIV holds a 19.06 percent stake in the company, investment management company Creation Investments India LLC holds 9.01 percent and a little over 69 percent of the shares are held by promoters.

Also read: Motisons Jewelers raises Rs 36.3 Crore via Anchor Book, IPO begins on December 18

The Company will use its net proceeds primarily to expand its capital base to meet future capital requirements.

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