The initial share sale offer of Indiabulls Power attracted five anchor investors, raising over Rs 316.46 crore, before the slated opening of the issue on Monday.

The investors include Halbis, Nomura, Norges, GLG and Tosca who subscribed to shares of the company at the upper end of the price band, according to sources.

The investors subscribed to 18 per cent of the issue or 7,03,26,000 shares at the upper end of the price band of Rs 45 a piece. This was the total allotment reserved for the anchor investors, according to sources in the know.

As per the rule, anchor investors are entitled to 30 per cent of the shares reserved for qualified institutional buyers (QIBs) in an initial public offer (IPO).

Indiabulls Power is planning to raise up to Rs 1,700 crore through IPO of 39.07 crore shares. Of this the IPO would be of 33.98 crore equity shares of Rs 10 each and a green shoe option of up to 5.09 crore equity shares.

It has fixed a price band of Rs 40-45 per equity share.

The issue would close on October 15.

Morgan Stanley India Company Pvt Ltd is acting as the book running lead manager to the issue.

The proceeds of the IPO would be utilised to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes, the company said.

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