New Delhi, Nov 1 (PTI) Footwear retailer Khadim India today raised Rs 163 crore from anchor investors a day ahead of its initial public offer.

Franklin India, UTI Mutual Fund, HSBC Global Investment Fund and IDFC Mutual Fund are among the anchor investors, according to a regulatory filing.

The company’s IPO committee has finalised allocation of 2,172,227 shares to more than 10 anchor investors at a price of Rs 750 apiece, also the upper price band of the offer.

At this price, the total proceeds would be around Rs 162.92 crore.

Khadim India’s share sale would open for public subscription tomorrow and closes on November 6.

The IPO comprises fresh issue of equity shares aggregating up to Rs 50 crore besides, an offer for sale of up to 65,74,093 shares by existing shareholders.

The company’s promoter Siddhartha Roy Burman would sell 7.22 lakh shares, while Fairwinds Trustees Services Pvt Ltd would offload 58,52,093 shares.

The price band has been fixed at Rs 745-750 per share and at the upper end, the public issue would up to fetch Rs 543 crore.

Net proceeds from the issue would be utilised towards payment of loans and general corporate purposes.

Axis Capital and IDFC Bank are the book running lead managers to the issue.

Incorporated in 1981, the company entered into the retail business in 1993. At the end of June this year, it had 853 retail store outlets in different parts of the country.

This is published unedited from the PTI feed.