Tejas Networks mops up Rs 350 cr from anchor investors

Ahead of its IPO, Tejas Networks today raised nearly Rs 350 crore through issuance of shares to 17 anchor investors.
Little over 1.35 crore shares have been allotted to the anchor investors at the price of Rs 257 apiece -- the upper end of the IPO price band.
The 17 entities include Abu Dhabi Investment Authority - Behave, Amansa Holdings Pvt Ltd, Columbia Emerging Markets Fund, SBI Life Insurance Company Ltd, Reliance Nippon Life Insurance Company Ltd and BNP Paribas Arbitrage, according to a filing made by Tejas Networks to the BSE.
The company has raised Rs 349.51 crore from the anchor investors ahead of the Initial Public Offer (IPO) which would open tomorrow and close on June 16. Price band for the offer is Rs 250-257 per share.

Tejas Networks is into developing and selling high- performance products to telecommunications service providers, utility companies, defence firm and government entities, among others, spread over 60 countries.
The IPO comprises fresh issue of shares worth Rs 450 crore and an offer for sale of up to 1.27 crore shares.
Axis Capital Ltd, Citigroup Global Markets India Pvt Ltd, Edelweiss Financial Services Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers for the offer.