Indiabulls Power, a spin-off from Indiabulls Real Estate, on Friday sold a portion of its initial public offering to eight anchor investors before the official kick-off of the deal today. The company, which is trying to raise up to Rs15.29 billion $327 million, said it had sold the maximum allowed 30% of the tranche reserved for qualified institutional buyers QIBs, or 18% of the total IPO, to the anchor investors at a price of Rs45 a piece.
The price is equal to the top of the indicated IPO range of Rs40 to Rs45, which is likely to send a positive message to other investors about the anchor investors' confidence in the...
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