Tolins Tyres Ltd.said on Friday that he has secured ₹69 crore from anchor investors before its IPO opens for public subscription.
Anchor investors that have been allocated shares include 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.
The company has allotted 30.53 lakh shares to investors in ₹226 each, which is the upper limit of the price band. This brings the total value of the transaction to ₹69 crore, as detailed in a circular posted on the BSE website.
The company ₹The Rs 230 crore IPO will open for public subscription from September 9 to 11. The price band for the initial public offering (IPO) is set between ₹215 and ₹226 per share.
Details of the IPO of Tolins Tyres
The Kerala-based company IPO It consists of a new issue of capital shares for an amount of ₹200 crore and an offer for sale (OFS) of equity shares valued at ₹30 crores.
Kalamparambil promoters Varkey Tolin and Jerin Tolin will sell shares worth ₹15 crore each through OFS route. They currently hold 83.31% stake in the company.
Of the ₹200 crore raised from IPO, ₹Rs 75 crore will be allocated to meet the company’s long-term working capital needs, and ₹Rs 62.55 crore will be used to repay the debt.
Besides, ₹Rs 24.36 crore will be invested in the company’s subsidiary, Tolin Rubbers, to support debt repayment and working capital needs.
Bids may be submitted for a minimum of 66 equity shares, with additional shares in multiples of 66.
Tolins Tires is a leading player in the tyre and tread sector and exports its products to 40 countries including the Middle East, East Africa, Jordan, Kenya and Egypt.
Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker for the public issue.
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