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India’s Shriram Properties raises $35.5m from anchor investors

By Vinu Lal

14:31, 8 December 2021

Hand of person calculating interest, taxes and profits and a home next to it
The company issued 22.77 million shares at INR118 a share - Photo: Shutterstock

Indian real estate developer Shriram Properties has raised INR2.68bn ($35.5m) from 34 anchor investors ahead of its initial stake sale to the public, according to a regulatory update by the firm.

The company issued 22.77 million shares at INR118 a share.

Marquee investors

Marquee investors including Nomura Asset, SBI Life and Nippon participated in the anchor round.

Out of the total allocation, 37.22%, or 8.5m shares, were allocated to four domestic mutual funds.

The IPO opened for subscription today. The company intends to raise up to INR6bn ($79.6m).

AUD/USD_zero

0.67 Price
+1.060% 1D Chg, %
Long position overnight fee -0.0073%
Short position overnight fee -0.0009%
Overnight fee time 22:00 (UTC)
Spread 0.00040

USD/JPY

146.85 Price
-0.960% 1D Chg, %
Long position overnight fee 0.0113%
Short position overnight fee -0.0195%
Overnight fee time 22:00 (UTC)
Spread 0.090

EUR/USD

1.09 Price
-0.050% 1D Chg, %
Long position overnight fee -0.0080%
Short position overnight fee -0.0003%
Overnight fee time 22:00 (UTC)
Spread 0.00070

AUD/USD

0.67 Price
+1.060% 1D Chg, %
Long position overnight fee -0.0073%
Short position overnight fee -0.0009%
Overnight fee time 22:00 (UTC)
Spread 0.00040

The IPO comprises a fresh issue of shares of up to INR2.5bn and an offer for sale (OFS) totalling up to INR3.5bn.

Proceeds plan

The firm, a part of business conglomerate Shriram Group, intends to use INR2bn of the proceeds to repay debt of the company and its subsidiaries. A yet-to-be decided amount will be used for general business purposes.

Following the IPO, the firm intends to list its shares both on the BSE and the National Stock Exchange of India.

Axis Capital, ICICI Securities and Nomura Financial Advisory and Securities (India) Private are the managers to the issue.

Read More: Indian cloud services firm ESDS gets nod for IPO

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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