Bharti Infratel allots shares worth Rs 652 cr to anchor investors

Co alloted 28.34 mn shares at Rs 230 a piece to nine anchor investors including Sundaram Mutual Fund, Morgan Stanley, Citigroup, Alliance Bernstein

Mobile tower infrastructure company Bharti Infratel today alloted shares worth about Rs 652 crore to anchor investors ahead of its initial public offering (IPO) which opens tomorrow.

The company alloted 28.34 million shares at Rs 230 a piece to nine anchor investors including Sundaram Mutual Fund, Morgan Stanley, Citigroup and Alliance Bernstein.

Morgan Stanley got the highest allocation for over Rs 230 crore worth of shares, followed by Citigroup, which got shares worth Rs 120 crore, in the anchor book.

Anchor investors can subscribed to up to 30 per cent of the shares meant for the qualified institutional buyers (QIBs) category. The anchor book, which opens one day ahead of the issue, helps in creating demand for the IPO. It also helps other investors gauge institutional demand for the offering. Shares alloted to anchor investors have a 30-day lock-in.

Bharti Infratel is planning to sell 188.9 million shares, which comprises of about 21 per cent of the post-issue capital, through its IPO. The public issue will remain open for subscription till Friday.

The company has fixed a price band between Rs 210 and Rs Rs 240 for the IPO.
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