Standard Glass Lining Mobilizes Rs 123 Crore from Anchor Investors

Standard Glass Lining Technology has raised Rs 123 crore from anchor investors, ahead of its IPO on January 6. The company plans to use the proceeds for debt repayment, subsidiary investment, and corporate growth. The IPO will encompass fresh share issuance and an offer for sale by existing shareholders.

Standard Glass Lining Technology on Friday announced that it has successfully raised Rs 123 crore from anchor investors ahead of its initial public offering, set to open for public subscription on January 6.

Prominent anchor investors, including major mutual funds and investment firms like ICICI Prudential MF, Kotak MF, Tata MF, and Massachusetts Institute of Technology, participated in the pre-IPO fundraising, according to the circular on BSE's website.

The public issue, valued at Rs 410.05 crore, consists of fresh equity shares worth Rs 210 crore and an offer for sale involving up to 1.43 crore shares from current shareholders. The funds will be used for debt repayment, subsidiary investment, and strategic growth initiatives.

(With inputs from agencies.)