New Delhi, Sep 7 (PTI) EMS Ltd on Thursday said it has raised Rs 96.37 crore from anchor investors ahead of its Initial Public Offering (IPO) that starts on Friday.

The water and sewerage infra player has decided to allocate 45.67 lakh equity shares to six entities at Rs 211 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.

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Abakkus Diversified Alpha Fund, Saint Capital Fund, Meru Investment Fund, Bofa Securities Europe, Morgan Stanley Asia Singapore Pte and NAV Capital VCC- NAV Capital Emerging Star Fund are among the anchor investors.

The IPO comprises fresh issue of equity shares worth Rs 146.24 crore and an Offer For Sale (OFS) of 82.94 lakh shares by promoter and founder Ramveer Singh.

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Currently, Singh holds 97.81 per cent stake in the company.

In the pre-IPO placement round, the firm had raised Rs 33.76 crore leading to a reduction in fresh issue size to Rs 146.24 crore from Rs 180 crore planned earlier.

At the upper price band, the company's IPO size is Rs 321 crore.

Proceeds from the fresh issue will be used to fund working capital requirements and for other general corporate purposes.

Khambatta Securities is the sole book running lead manager to the issue and shares of the company will be listed on the BSE and the NSE.

The company offers water and sewerage infra solutions, including laying the sewerage network to build sewerage and water treatment plants in Uttar Pradesh, Bihar, Uttarakhand and Rajasthan.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)