Sun Sep 15 03:39:36 UTC 2024: ## Northern Arc Capital Secures ₹229 Crore from Anchor Investors Ahead of IPO

Northern Arc Capital has successfully raised ₹229 crore from 15 anchor investors ahead of its upcoming Initial Public Offering (IPO). The funds were secured at the upper end of the IPO price band, at ₹263 per share.

Notable anchor investors include Quant MF, SBI Life Insurance, SBI General Insurance, Singularity Equity Fund, and Volrado Venture Partners, each receiving 11.26% of the anchor portion. Other participants include Anchorage Capital Fund, Canara HSBC Life Insurance, Kotak Mahindra Life Insurance, Société Generale, and Goldman Sachs.

The IPO, set to open from September 16-19, will offer shares in the range of ₹249 to ₹264. Investors can bid for a minimum of 57 shares and in multiples of 57 thereafter.

The company plans to raise up to ₹500 crore through a fresh issue and will also offer up to 1 crore shares for sale by existing shareholders, including LeapFrog Inclusion India, Accion Africa-Asia Investment Company, and Eight Roads Investments Mauritius II.

The funds raised will be used to meet Northern Arc Capital’s future capital requirements for lending in sectors such as MSME financing, MFI, consumer finance, vehicle finance, affordable housing finance, and agricultural finance. The company also aims to ensure compliance with Reserve Bank of India (RBI) regulations on capital adequacy for FY25.

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