SBI Funds Management invests Rs 212 cr in Ajax Engineering ahead of IPO

SBI Funds Invests Rs 212 Crore in Ajax Engineering Ahead of IPO.

Expert Analysis:

• Investment Details: SBI Funds Management Ltd invested Rs 212 crore in Ajax Engineering via SBI Magnum Children's Benefit Fund and SBI Infrastructure Fund.

• Share Purchase Agreement: On February 5, Jacob Hansen Family Trust transferred 27.02 lakh shares to SBI Magnum Children's Benefit Fund and SBI Infrastructure Fund at Rs 629 per share, totaling Rs 170 crore.

• Stake Distribution: SBI Magnum Children's Benefit Fund received 19.07 lakh shares, and SBI Infrastructure Fund got 7.95 lakh shares; post-IPO, SBI Funds will hold a 2.94% stake.

• Anchor Investor Allocation: On January 7, SBI Funds received 11.03% of anchor investment, with 3.17 lakh shares to SBI Magnum Children's Benefit Fund and 3.47 lakh shares to SBI Infrastructure Fund at Rs 629 per share, totaling Rs 42 crore.

• Total Investment: Combined with the share purchase agreement, SBI Funds' total investment in Ajax Engineering amounts to Rs 212 crore.

• IPO Details: Ajax Engineering's Rs 1,269-crore IPO will be open from February 10 to 12, with a price band of Rs 599 to Rs 629 per share and a market cap of Rs 7,200 crore at the upper band.

• Offer-for-Sale (OFS): The IPO is a complete OFS of 2.01 crore shares, with Kedaara Capital offloading 74.37 lakh shares.