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Sachin Tendulkar-backed Azad Engineering raises Rs 221 crore from 20 anchor investors on IPO eve

IndiaTimes Tuesday, 19 December 2023
Cricketing legend Sachin Tendulkar-backed Azad Engineering has raised Rs 221 crore from anchor investors on the eve of its Rs 740-crore IPO. The IPO, which opens on December 20, has already been subscribed to nearly 30%. The anchor investors include Abu Dhabi Investment Authority, Nomura Funds Ireland, and Ashoka India Equity Investment Trust. Other major anchor investors include Nippon Life India Trustee, ICICI Prudential Flexicap Fund, Kotak Infrastructure & Economic Reform Fund, and Natixis International Funds. The IPO consists of a fresh issue of shares and an offer for sale by the promoters and existing investors.
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