Fine Organic Industries Raised Rs 180 Cr from Anchor Investors

Chemicals firm Fine Organic Industries raised Rs 180 crore from anchor investors, ahead of its initial share sale in the stock market performance.

The company has allotted 22,99,497 equity shares to 15 anchor investors at Rs 783 per scrip, garnering Rs 180.05 crore, Fine Organic Industries said in a statement.

Among the anchor investors are Goldman Sachs India, HDFC Small Cap Fund, SBI Magnum Comma Fund, DSP BlackRock Equity & Bond Fund and IDFC Equity Opportunities Fund - Series 5.

The price band for the initial public offer (IPO), which will close on June 22, has been fixed at Rs 780 to Rs 783 per equity share.

The offer for sale will see divestment of 25 per cent of stake of 76,64,994 equity shares by the existing shareholders. At the upper end of the price band, the issue will raise a little over Rs 600 crore.

Fine Organic Industries had filed draft papers with the Securities and Exchange Board of India to float the IPO in February.

The company has manufacturing facilities near Mumbai.