Receives bids for 4.11 crore shares
The initial public offer (IPO) of CreditAccess Grameen received bids for 4.11 crore shares, data on the National Stock Exchange of India (NSE) website showed as at 17:00 IST today, 10 August 2018. The IPO was subscribed 2.18 times. The issue opened for subscription on 8 August 2018 and closes today, 10 August 2018. The price band for the issue has been fixed at Rs 418 to Rs 422 per share.
Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 7 August 2018, finalized allocation of 80.41 lakh equity shares to anchor investors at Rs 422 per share.
The net proceeds will be utilized to augment the capital base of the company to meet future capital requirements which are expected to arise out of growth in company's assets, primarily company's loans and advances and other investments.
The company reported profit after tax of Rs 124.64 crore on total income of Rs 875.21 crore in the year ended 31 March 2018.
CreditAccess Grameen is a Bengaluru-based leading micro-finance institution, focused on providing micro-loans to women customers predominantly in rural areas in India.
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