Mumbai (Maharashtra) [India], July 9: SAR Televenture Limited (NSE Symbol: SARTELE) announces Composite Equity Issue of Rs 450 crore. The Composite Issue comprises Rights Issue aggregating up to Rs 300 crore and FPO aggregating up to Rs 150 crore (The “Total Offer Size”).
The proposal for fundraising of an amount up to Rs 450 crore through issuance of equity shares through Composite Issue was approved at the meeting of the Board of Directors of the Company held on 20th January 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 15th, 2024 and close on Monday, July 22nd, 2024. (The “Rights Issue and Offer Period”)
Existing shareholders will get 1 (one) Rights share for 1 (one) equity share held as on the record date Tuesday, July 09th, 2024 for the purpose of date determining the equity shareholder’s entitled to receive the Rights Entitlement in the Rights Issue (“Eligible Equity Shareholders for Rights Issue”)
SAR Televenture’s Further Public Offer (FPO), set between Rs 200 to Rs 210 per equity share, signifies its confidence in market positioning and growth prospects.
The Company proposes to utilize the Net proceeds towards (i) funding the setting up of Fiber-to-the-Home (FTTH) network solutions for 3,00,000 Home Passes estimated to be Rs 273 crore; (ii) Setting up of an additional 1000 number of 4G/5G telecom towers estimated to be Rs 42.50 crore; (iii) Incremental working capital requirement of our Company estimated to be Rs 30 crore and balance amount towards General Corporate purposes to be utilized in FY 2025. (The “Objects of the Offer”)