Samvardhana raises Rs 220 cr from IPO anchor investors

Move ahead of its initial share sale of Rs 1,665 crore that opens on May 2

Samvardhana Motherson Finance Ltd has placed around Rs 220 crore worth shares with cornerstone investors, stock exchange data showed, ahead of its initial share sale of about Rs 1,665 crore that opens on May 2.

Samvardhana, which provides design and manufacturing solutions to automakers, had set a price band of Rs 113-118 per share for the initial public offering (IPO).

The company sold shares at Rs 115 rupees apiece to funds including investment arms of Commonwealth Bank of Australia, Government of Singapore, and India's Birla Sun Life Mutual Fund, data on the National Stock Exchange website showed late Monday.

Standard Chartered and JPMorgan are the bookrunners for the issue.