Antony Waste Handling Cell raises Rs 60.94 cr from anchor investors

Antony Waste Handling Cell has raised Rs 60.94 crore from three anchor investors a day before the start of its initial public offering (IPO) on Wednesday.

Antony Waste Handling Cell has finalised allocation of 20,65,932 equity shares at Rs 295 per share aggregating to Rs 60.94 crore to three anchor investors, according to a company statement on Tuesday.

The anchor investors are Massachusetts Institute of Technology, Vantage Equity Fund and 238 Plan Associates LLC.

The company proposes to open IPO of equity shares at a price band of Rs 295-300 per equity share consisting of fresh issue of shares aggregating up to Rs 35 crore and an offer for sale of up to 57,00,000 shares, as per the statement.

The offer will close on Friday.

The shares of the company are proposed to be listed on BSE and NSE.

The company proposes to utilise the net proceeds towards reduction of consolidated borrowings of the company by infusing debt in its subsidiary AG Enviro Infra Projects for repayment /prepayment of portion of outstanding debt and general corporate purposes.

Further, the company expects that listing of shares will enhance visibility and brand image and provide liquidity to shareholders.

Equirus Capital is the sole book running lead manager to the issue.