Ahead of IPO, Akums Drugs garners Rs 829 crore from anchor investors

Akum Drugs and Pharmaceuticals Ltd on Monday said it has collected Rs 829 crore from anchor investors a day before its share-sale opening for public subscription. Abu Dhabi Investment Authority, Smallcap World Fund, Inc, HSBC Global Investment Funds, SBI Mutual Fund (MF), Bandhan MF, Motilal Oswal MF, Aditya Birla Sun Life MF, SBI Life Insurance Company, HDFC Life Insurance Company and ICICI Prudential Life Insurance Company are among the anchor investors. According to a circular uploaded on NSE's website, the company has decided to allocate 1.22 crore shares to 50 funds at Rs 679 apiece, aggregating the transaction size to Rs 828.78 crore. The issue, with a price band of Rs 646 to Rs 679 per share, will open for public subscription on July 30 and conclude on August 1. The Rs 1,875-crore IPO is a combination of a fresh issue of equity shares worth Rs 680 crore and an offer for sale (OFS) of 1.73 crore shares valued at Rs 1,177 crore at the upper end of the price band by promoters