Free stock tips : The company behind CCD(Cafe Coffee Day), India's largest coffee chain, has raised 3.34 billion rupees (USD 51 million) from "cornerstone" investors lead the formal starting of the country's largest stock market flotation in three years. Coffee Day Enterprises Ltd, whose competitor is Starbucks Corp among others in India, is backed by private equity firm KKR & Co.
Today, It will launch its share sale to institutional & retail investors. Cornerstone investors - guaranteed a major share of the offering regardless of the final price - for the sale included Blackrock & Merrill Lynch Capital Markets, as well as Reliance Life Insurance Co, Axis Mutual Fund, & the fund management unit of ICICI Prudential, Coffee Day said on yesterday.
Coffee Day has allotted 10.38 million shares to cornerstone investors at 322 rupees apiece, the company said. The indicative price band for the offering has been set at between 316 rupees & 328 rupees a share.
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