Utility and power cables hang from a pole in the Sanjay Basti slum in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Indian Energy Exchange Raises Rs 300 Crore From Anchor Investors

The Indian Energy Exchange has garnered a little over Rs 300 crore from anchor investors, ahead of its initial public offering next week.

The company allotted 18.2 lakh shares to 23 anchor investors at Rs 1,650 apiece, Indian Energy Exchange (IEX) said in a filing to the stock exchanges. The total amount works out to be Rs 300.22 crore.

SBI Mutual Fund (MF), Birla Sunlife MF, Birla Sunlife Trustee Company, ICICI Prudential MF and Nomura are among the anchor investors.

IEX plans to raise Rs 1,001 crore through an initial share-sale offering. It has fixed a price band of Rs 1,645-1,650 per share for its public issue. It will be selling 60.6 lakh shares, or 20 percent of the post-issue paid-up capital, through its public offer between October 9-11.

The IPO will see sale of equity shares by existing shareholders including Tata Power Company, private equity arm of Aditya Birla Group, Madison India Capital and Renuka Ramnath-led Multiples Alternate Asset Management. Besides, AF Holdings, Kiran Vyapar, Golden Oak (Mauritius) and IEX's former chief executive Jayant Deo, would offload shares in the public issue.

Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings will manage the company's public issue.

IEX is India’s first power exchange providing automated trading platform for electricity (for physical delivery) and renewable energy certificates.