New Delhi, Feb 6 (PTI) Private equity majors TPG and Morgan Stanley-backed Jana Small Finance Bank on Tuesday garnered Rs 167 crore from anchor investors a day before the launch of its initial public offering (IPO).

The bank allocated 40.32 lakh equity shares to 17 funds at Rs 414 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website.

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Citigroup Global Markets Mauritius, Societe Generale, East Bridge Capital Master Fund, Copthall Mauritius Investment Ltd, Bandhan Mutual Fund, Kotak Mahindra Life Insurance Company, SBI General Insurance Company and Tata AIA Life Insurance Company are among the anchor investors.

The Bengaluru-headquartered Jana Small Finance Bank's issue consists of a primary share sale of Rs 462 crore at the upper end of the price band and the remaining Rs 108 crore as offer for sale.

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Jana Holdings, the promoter holding 32 per cent of the bank, will reduce its stake to around 25 per cent post-issue.

The bank has set a price band of Rs 393-414 apiece for its IPO that will be open for public subscription from February 7 to February 9.

The bank will use the money from the fresh issue to augment its core capital to meet future capital requirements and to improve its capital adequacy ratio.

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