India's NSE allots shares worth $703 million to anchor investors, sources say

Business Recorder, citing people familiar with the matter, reported that the National Stock Exchange of India has allotted anchor shares valued at Indian rupees 67.45 billion, or $702.93 million, to more than 100 investors before its initial public offering. The information came from sources who spoke on Wednesday on condition of anonymity and lack permission to talk to reporters.

Among the leading anchor investors, according to the report, are India's Life Insurance Corporation, Norway's Norges Bank, Abu Dhabi Investment Authority and the US asset manager Fidelity. LIC, Norges Bank and ADIA had not replied to requests for comment yet, while Fidelity chose not to comment. The offering is valued at $2.3 billion and counts among the biggest share sales the country has seen.

Subscriptions start Thursday and end Monday. All of the shares are being sold by current holders, so NSE gets none of the money. Up to 50% of the issue is set aside for qualified institutional buyers, including anchors, while about 35% is reserved for retail investors.