Tolins Tyres Secures Rs 69 Crore from Anchor Investors Ahead of IPO

Tolins Tyres Ltd announced raising Rs 69 crore from anchor investors before opening its Rs 230-crore IPO. The company allocated 30.53 lakh shares at Rs 226 each to several investors. The IPO, combining new shares and an offer-for-sale, aims to support working capital and debt repayment.

Tolins Tyres Ltd announced on Friday that it has successfully raised Rs 69 crore from anchor investors ahead of its initial public offering (IPO).

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 among the investors who were allocated shares at Rs 226 each, the upper end of the price band. In total, 30.53 lakh shares were allotted, aggregating to Rs 69 crore, according to a circular on BSE's website.

The IPO, priced between Rs 215 and Rs 226 per share, will be open from September 9-11. It encompasses a Rs 200 crore fresh issue of equity shares and a Rs 30 crore offer-for-sale by the promoters, Kalamparambil Varkey Tolin and Jerin Tolin, who currently hold an 83.31% stake in the company. The funds will help meet long-term working capital needs, pay off debt, and invest in the company's subsidiary, Tolin Rubbers. Saffron Capital Advisors Pvt Ltd is the lead merchant banker for the issue.

(With inputs from agencies.)