Samvardhana Motherson Finance Ltd has placed around 2.2 billion rupees ($42 million) worth shares with cornerstone investors, stock exchange data showed, ahead of its initial public offering (IPO) share sale of about 16.65 billion rupees that opens on M ay 2.
Samvardhana, which provides design and manufacturing solutions to automakers, had set a price band of 113-118 rupees per share for the initial public offering (IPO).
The company sold shares at 115 rupees apiece to funds including investment arms of Commonwealth Bank of Australia , Government of Singapore, and India's Birla Sun Life Mutual Fund, data on the National Stock Exchange website showed late Monday.
Standard Chartered and JPMorgan are the bookrunners for the issue. ($1 = 52.70 Indian rupees)