The composite public issue with a face value of Rs 2 consists of a further public offer of Rs 200 crore and a rights issue of Rs 250 crore.
The proceeds from the issue, to the extent of Rs 273 crore, will be used for funding the setting up of Fiber-to-the-Home (FTTH) network solutions for 3,00,000 Home Passes; Rs 42.50 crore to fund the setting up of an additional 1000 4G/5G telecom towers; Rs 30 crore to meet incremental working capital requirements of the company; and other general corporate purposes.
The further public offer is being made through the book-building process, wherein not more than 50% of the net offer shall be allotted on a proportionate basis to qualified institutional buyers, not less than 15% shall be available for allocation to non-institutional bidders, and not less than 35% of the net offer shall be available for allocation to retail individual bidders.
SAR TeleVenture with an issue price of Rs 55 per share debuted on the NSE Emerge Platform through an initial public offering and became a publicly listed company on November 08, 2023. The scrip listed for Rs 105 per share, a premium of 90.91% and concluded the day at Rs 110.25 per share, a premium of 100.45%.
In Thursday’s trade at 1:37 pm, the stock was trading 2.8% higher at Rs 242 on NSE.”The company was set up with a focus on providing telecommunications solutions to telecom network operators. It has rapidly expanded its footprint and as of January 31, 2024, the company installed a total of 413 towers on lease across various regions including West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab, and Andaman & Nicobar Islands,” the firm said in a release.For fiscal 2022–23, the company’s revenue from operations increased 586.46% to Rs 32.46 crore from Rs 4.73 crore in fiscal 2021–22, primarily due to an increase in revenue from the sale of service, the company said in a statement. Profit after tax increased 10,513.53% to Rs 3.94 crore in fiscal 2023 from Rs 0.03 crore in fiscal 2022, it said.
For the nine months ended December 31, 2023, revenue from operations stood at Rs 72.34 crore, and profit after tax stood at Rs 8.27 crore.
Pantomath Capital Advisors Private Limited is the sole book-running lead manager for the issue, and Link Intime India Private Limited is the registrar of the offer.
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