Protean eGov Tech Collects Over Rs 143 Cr From Anchor Investors Ahead Of IPO

Protean eGov Technologies (previously known as NSDL E-Governance Infrastructure) on Friday stated it has mobilized over Rs 143 crore from anchor investors, days before its initial public offering (IPO). The company has allotted 18.12 lakh equity shares to 18 funds at Rs 792 apiece, which is also the upper end of the price band, as per its circular on BSE's website.

At this price, the company has garnered Rs 143.53 crore from anchor investors. Societe Generale, SBI General Insurance Company, SBI Life Insurance Company, Aditya Birla Sun Life Insurance Company, LIC Mutual Fund and Baroda BNP Paribas Mutual Fund are among the anchor investors, according to a PTI report.

The Rs 490-crore IPO, with a price band of Rs 752-792 per share, will open for subscription on November 6 and conclude on November 8.

The maiden public issue is purely an offer of sale (OFS) by existing shareholders. The OFS size has been reduced to 61.91 lakh equity shares from 1.28 crore equity shares planned earlier, stated the PTI report.

Also, the offer includes a reservation of 1.5 lakh equity shares for the company's employees at a discount of Rs 75 per share to the final offer price.

Those offering shares in the OFS are -- IIFL Special Opportunities Funds, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank A.G., Punjab National Bank, and Union Bank of India, PTI reported.

At the upper end of the price band, the IPO is likely to fetch Rs 490.33 crore.

Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.