SAR Televenture's Rs 450 Crore Fundraising Plan: Rights Issue and FPO Details

SAR Televenture plans to raise Rs 450 crore through a rights issue and follow-on public offer (FPO). The funds will support FTTH network solutions, 4G/5G telecom towers, working capital, and corporate purposes. Rights issue opens July 15-22, FPO opens July 22-24. Pantomath Capital Advisors leads the issue.

Telecommunication infrastructure provider SAR Televenture is preparing to raise Rs 450 crore through a combination of a rights issue and a follow-on public offer (FPO).

The capital raise includes a rights issue valued at Rs 300 crore and an FPO worth Rs 150 crore, as outlined in the draft papers. The company aims to allocate Rs 273 crore for the development of fibre-to-the-home (FTTH) network solutions, Rs 42.5 crore for the installation of an additional 1,000 4G/5G telecom towers, Rs 30 crore for incremental working capital needs, and the remainder for general corporate purposes within the 2025 fiscal year.

The rights issue, comprising 1.50 crore equity shares priced at Rs 200 per share, will run from July 15 to July 22. Existing shareholders will receive one rights share for each equity share held as of the record date, July 9, 2024. Meanwhile, the FPO's price range has been set at Rs 200-210 per equity share, with subscription periods from July 22 to July 24.

SAR Televenture, primarily specializing in the installation and commissioning of telecom towers and FTTH in India, has installed 413 towers across various regions by May 31, 2024. The sole book-running lead manager for the issue is Pantomath Capital Advisors Private Limited.

(With inputs from agencies.)