IRM Energy collects Rs 160 crore from anchor investors ahead of IPO

City gas distribution company IRM Energy Ltd on Tuesday said it has raised over Rs 160 crore from anchor investors ahead of its initial share sale that opens for subscription on Wednesday. The company has decided to allot 31.75 lakh equity shares to 12 funds at Rs 505 apiece, which is also the upper end of the price band, aggregating the transaction size to Rs 160.35 crore, according to a circular uploaded on the BSE website. Foreign investors and domestic institutions -- Quant Mutual Fund, SBI General Insurance Company HDFC Life Insurance Company, DSP MF, ITI MF, BOI MF, Nippon AIF, and PNB Metlife -- were the anchor investors. The IPO is a fresh issue of up to 1.08 crore equity shares. The offer also includes reservation for subscription by eligible employees, and a discount of Rs 48 per equity share is being offered to such employees. At present, the promoters own 67.94 per cent stake in the company, with the majority being held by Cadila Pharmaceuticals (49.50 per cent), and th

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