PSP Projects raises Rs 95 cr from anchor investors

Construction firm PSP Projects today raised a little over Rs 95 crore from anchor investors ahead of its initial public offering opening tomorrow.
The company has alloted 45,36,000 equity shares at Rs 210 apiece aggregating to Rs 95.25 crore to nine anchor investors, PSP Projects said in a statement.
The anchor investors include Reliance Mutual Fund, SBI MF, Axis MF, Sundaram MF and Birla Sun Life Insurance.
PSP Projects' initial share-sale offer will be open for public subscription during May 17-19. It has fixed the price band at Rs 205-210 per equity share.
The public issue comprises fresh issue of up to 72 lakh equity shares and offer for sale of up to 28.80 lakh units by existing shareholders. It is expected to raise Rs 211 crore.

Proceeds from the fresh issue will be utilised towards funding working capital requirements and for general corporate purposes.
The issue is being managed by Karvy Investor Services and Motilal Oswal Investment Advisors.
PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.