Private shipbuilder Pipavav Shipyard Ltd said on Tuesday it received commitment of 920 million rupees from six anchor investors.

The Securities and Exchange Board of India approved the "anchor investor" concept in June, under which an investor can subscribe to up to 30 percent of the quota for institutional investors in an initial public offering.

The anchor investors include Commonwealth Equity Fund Limited, India Diversified (Mauritius) Limited and Marshal India Select Fund Limited.

The anchor investors subscribed to the IPO at 60 rupees a share, the higher range of the price band.

Under SEBI rules, an anchor investor would pay 25 percent of the total investment at the time of applying for the initial public offering, and the balance within two days of the closure of the issue.

Pipavav Shipyard is planning to raise over 5 billion rupees through its IPO which opens on Wednesday.

It had set a price band of 55 to 60 rupees a share for its proposed issue of 85.5 million shares.

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