SAR Televenture looking to raise Rs 450 cr through rights issue and FPO
Telecommunication infrastructure provider SAR Televenture is looking to raise Rs 450 crore through rights issue and follow-on public offer (FPO).
This comprises a rights issue of shares worth up to Rs 300 crore and a follow-on public offering (FPO) of up to Rs 150 crore, according to the draft papers.
The company proposes to utilise the proceeds to the tune of Rs 273 crore to set up fibre-to-the-home (FTTH) network solutions, Rs 42.5 crore for setting up an additional 1,000 4G/5G telecom towers, Rs 30 crore for incremental working capital requirements and the balance amount for general corporate purposes in FY 2025.
The rights issue consists of 1.50 crore equity shares of Rs 2 each at an issue price of Rs 200 per rights share. The issue opens on July 15 and will close on July 22.
"Existing shareholders will get one rights share for one equity share held as on record date July 9, 2024," the company announced.
Meanwhile, the price band of the FPO has been fixed at Rs 200-Rs 210 per