Tolins Tyres Set for IPO with Rs 230-Crore Offering

Tolins Tyres Ltd has announced a price band of Rs 215-Rs 226 per share for its Rs 230-crore IPO, opening on September 9. The IPO includes a fresh issue of Rs 200 crore and an offer-for-sale worth Rs 30 crore. The Kerala-based tyre company plans to use the proceeds for working capital and debt repayment.

Tolins Tyres Ltd has set a price band of Rs 215-Rs 226 per share for its Rs 230-crore IPO, scheduled to open on September 9 and conclude on September 11, the company stated on Tuesday.

The IPO features a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale of Rs 30 crore. Promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each, reducing their stake from 83.31 per cent.

Proceeds from the IPO include Rs 75 crore earmarked for long-term working capital, Rs 62.55 crore for debt repayment, and Rs 24.36 crore for investment in Tolin Rubbers to repay its debt and support working capital. Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker for the public issue.

(With inputs from agencies.)