Business
Cyient DLM garners Rs 260 cr from anchor investors
Electronic manufacturing services firm Cyient DLM Ltd announced that it has mobilised Rs 260 crore from anchor investors. The company has allocated 97.98 lakh equity shares to 20 funds at an average price of Rs 265, according to a BSE circular.
Amansa Holdings, Societe Generale, BNP Paribas, Catamaran Ekam are among the anchor investors. In addition, eight domestic mutual funds (MFs) have applied through a total of 11 schemes. Mutual funds that participated in the anchor round are ICICI Prudential MF, HDFC MF, Nippon India MF, Aditya Birla Sun Life MF, Tata MF, LIC MF, Edelweiss MF and DSP MF. Cyient DLM’s IPO, with a price band of Rs 250-265 per share, which opened for subscription on Tuesday will conclude on June 30. The IPO is a purely fresh issue of equity shares aggregating up to Rs 592 crore with no offer for sale (OFS) component. The company has already undertaken a private placement of 40.75 lakh equity shares worth Rs 108 crore.
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Funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as for general corporate purposes. The company said that 75 per cent of the issue has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and the remaining for the retail category. Further, investors can bid for a minimum of 56 equity shares and in multiples of 56 equity shares thereafter. Cyient DLM, a subsidiary of Cyient, is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build, and maintenance. Axis Capital and JM Financial are book-running lead managers to the issue and the equity shares of the company will be listed on BSE and NSE.
