SBI Fund Management Unlisted Shares
SBI Funds Management invests Rs 212 cr in Ajax Engineering ahead of IPO
The Ecoonomic Times
2 min read
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.
SBI Funds invested Rs 212 crore, securing a 2.94% stake ahead of Ajax Engineering’s Rs 1,269 crore IPO opening on February 10.
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