Mumbai, July 9, 2024: SAR Televenture Limited (NSE Symbol: SARTELE) announces a composite share issue of Rs. 450 crores. The composite issue comprises a rights issue aggregating up to Rs. 300 crores and FPOs aggregating up to Rs. 150 crores (the "total offer size").
The proposal to raise funds of an amount up to Rs. 450 crore by issuing shares through composite issue was approved in the meeting of the Board of Directors of the Company held on January 20, 2024.
The rights issue will comprise 1,50,00,000 fully paid up equity shares of Rs. 2 each at an issue price of Rs. 200 per rights share (including a premium of Rs 198 per rights share). The Rights Issue will open on Monday, July 15, 2024 and close on Monday, July 22, 2024. (The “Offering and Rights Issue Period”)
Existing shareholders will obtain 1 (one) rights share for 1 (one) equity share held on the record date on Tuesday, July 9, 2024 for the purposes of the date determining the equity shareholder's right to receive the right rights shares in the rights issue (“Eligible Rights Shares”). Shareholders by Rights Issue”)
SAR Televenture's additional public offer (FPO), pegged at Rs 200-210 per share, indicates its confidence in market positioning and growth prospects. Pantomath Capital Advisors Private Limited, appointed as sole book-running manager, underlines SAR Televenture's commitment to a successful Rs 150 crore fundraising initiative aimed at expanding telecom infrastructure and improving operational efficiency.
The Company proposes to use the net proceeds to (i) finance the installation of Fiber to the Home (FTTH) network solutions for 300,000 residential passes estimated at Rs. 273 crores; (ii) Installation of additional 1,000 4G/5G telecom towers, estimated to be worth Rs. 42.50 crores; (iii) Our Company's incremental working capital requirement is estimated at Rs. 30 crores and the balance for general corporate purposes to be utilized in FY 2025. (The “Objects of Offer”)
The share price and market capitalization of the company as on July 3, 2024 was Rs. 265.70 and rupees. 398.55 crore respectively. The company's share price hit a 52-week high of Rs. 332.05 of February 7, 2024.
Pantomath Capital Advisors Private Limited is the sole lead manager of the issue.
About the company:
Established in 2019, “SAR Televenture Limited” through an initial public offering listed its shares on the NSE Emerge platform and became a listed company on November 8, 2023.
The company was established, among other things, with the objective of providing telecommunications solutions to telecom network operators for the evolving telecommunications industry and laying of fiber cables. Currently, the Company is a telecom infrastructure provider, primarily engaged in the business of installation and commissioning of telecom towers and FTTH in India. As on May 31, 2024, the Company had set up a total of 413 towers on lease in West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab and Andaman and Nicobar Islands. The company has ISO - 9001:2015, ISO 140001: 2015 and ISO 45001: 2018 certifications.
The Company is registered as an Infrastructure Provider Category-I (IP-I) with the Department of Telecommunications (DOT), which allows it to lease construction sites, i.e. GBT/RTT/Pole and Out Door Small Cell (ODSC) sites. ) and establish and maintain assets such as Dark Fibers, Right of Way, Duct Space and Tower in order to grant them under lease or rental or sale to companies that provide telecommunications services.
(Disclaimer: The above press release is provided by HT Syndication and will not assume any editorial responsibility for this content.)
The proposal to raise funds of an amount up to Rs. 450 crore by issuing shares through composite issue was approved in the meeting of the Board of Directors of the Company held on January 20, 2024.
The rights issue will comprise 1,50,00,000 fully paid up equity shares of Rs. 2 each at an issue price of Rs. 200 per rights share (including a premium of Rs 198 per rights share). The Rights Issue will open on Monday, July 15, 2024 and close on Monday, July 22, 2024. (The “Offering and Rights Issue Period”)
Existing shareholders will obtain 1 (one) rights share for 1 (one) equity share held on the record date on Tuesday, July 9, 2024 for the purposes of the date determining the equity shareholder's right to receive the right rights shares in the rights issue (“Eligible Rights Shares”). Shareholders by Rights Issue”)
SAR Televenture's additional public offer (FPO), pegged at Rs 200-210 per share, indicates its confidence in market positioning and growth prospects. Pantomath Capital Advisors Private Limited, appointed as sole book-running manager, underlines SAR Televenture's commitment to a successful Rs 150 crore fundraising initiative aimed at expanding telecom infrastructure and improving operational efficiency.
The Company proposes to use the net proceeds to (i) finance the installation of Fiber to the Home (FTTH) network solutions for 300,000 residential passes estimated at Rs. 273 crores; (ii) Installation of additional 1,000 4G/5G telecom towers, estimated to be worth Rs. 42.50 crores; (iii) Our Company's incremental working capital requirement is estimated at Rs. 30 crores and the balance for general corporate purposes to be utilized in FY 2025. (The “Objects of Offer”)
The share price and market capitalization of the company as on July 3, 2024 was Rs. 265.70 and rupees. 398.55 crore respectively. The company's share price hit a 52-week high of Rs. 332.05 of February 7, 2024.
Pantomath Capital Advisors Private Limited is the sole lead manager of the issue.
About the company:
Established in 2019, “SAR Televenture Limited” through an initial public offering listed its shares on the NSE Emerge platform and became a listed company on November 8, 2023.
The company was established, among other things, with the objective of providing telecommunications solutions to telecom network operators for the evolving telecommunications industry and laying of fiber cables. Currently, the Company is a telecom infrastructure provider, primarily engaged in the business of installation and commissioning of telecom towers and FTTH in India. As on May 31, 2024, the Company had set up a total of 413 towers on lease in West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab and Andaman and Nicobar Islands. The company has ISO - 9001:2015, ISO 140001: 2015 and ISO 45001: 2018 certifications.
The Company is registered as an Infrastructure Provider Category-I (IP-I) with the Department of Telecommunications (DOT), which allows it to lease construction sites, i.e. GBT/RTT/Pole and Out Door Small Cell (ODSC) sites. ) and establish and maintain assets such as Dark Fibers, Right of Way, Duct Space and Tower in order to grant them under lease or rental or sale to companies that provide telecommunications services.
(Disclaimer: The above press release is provided by HT Syndication and will not assume any editorial responsibility for this content.)
