2 min read Last Updated : Sep 06 2024 | 11:06 PM IST
Tolins Tyres Ltd on Friday announced that it has mopped-up Rs 69 crore from anchor investors ahead of its initial share-sale opening for public subscription.
BofA Securities Europe SA, NAV Capital VCC, Chhatisgarh Investments, Ashika Global Securities, Moneywise Financial Services, Vikasa India EIF I Fund, Invicta Continuum Fund I and Steptrade Revolution Fund are the anchor investors that have been allotted shares.
The company allotted a total 3.053 mn shares to these investors at Rs 226 apiece, which is also the upper-end of the price band. This aggregates the transaction size to Rs 69 crore, according to a circular uploaded on BSE’s website.
The company’s Rs 230-crore IPO will be open for public subscription during September 9-11. It has fixed a price band of Rs 215 to Rs 226 per share for its initial public offering (IPO).
The Kerala-based company’s initial share-sale is a combination of fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 30 crore.
Promoters — Kalamparambil Varkey Tolin and Jerin Tolin — will offload shares worth Rs 15 crore each through the OFS route. They own 83.31 per cent stake in the company at present.
Of the Rs 200 crore IPO proceeds, Rs 75 crore will be used to augment long-term working capital requirements of the company and Rs 62.55 crore for payment of debt.
Further, Rs 24.36 crore will be used for investment in the company’s subsidiary, Tolin Rubbers for repaying its debt and to support its working capital requirements.
Bids can be made for a minimum of 66 equity shares and in multiples of 66 equity shares thereafter.
Tolins Tyres is a leading player in the tyre and treads industry and exports its products to 40 countries, including the Middle East, East Africa, Jordan, Kenya and Egypt.
Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker to the public issue.
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First Published: Sep 06 2024 | 11:06 PM IST
https://www.business-standard.com/markets/ipo/tolins-tyres-garners-rs-69-cr-from-anchor-investors-ahead-of-its-ipo-124090601313_1.html
