Indiain For Media
Agency News

SAR Televenture Limited announces Composite Equity Issue of Rs. 450 crore

Mumbai, July 09, 2024: 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 fund raising 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 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 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. Pantomath Capital Advisors Private Limited, appointed as the sole book running lead manager, underscores SAR Televenture’s commitment to a successful Rs.150 crore fundraising initiative aimed at expanding telecom infrastructure and enhancing operational efficiency.

 

The Company proposes to utilize the Net proceeds towards (i) funding 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”) 

 

The Company’s share price and Market Capitalization as on July 03, 2024 was Rs. 265.70 and Rs. 398.55 crore respectively. The Company’s share price touched 52 week high of Rs. 332.05 on February 07, 2024. 

Pantomath Capital Advisors Private Limited is the sole book running lead manager of the Issue.

About The Company:

Established in 2019, “SAR Televenture Limited” vide an Initial Public Offer listed its equity shares on NSE Emerge Platform and became a public listed Company on November 08, 2023. 

The Company was, inter alia, set up with an object to provide telecommunication solutions to telecom network operators for the evolving telecom industry and laying of fibre cables.  The Company is currently a telecommunication infrastructure provider, engaged primarily in the business of installing and commissioning telecom towers & FTTH in India. As on May 31, 2024, the Company has installed an aggregate 413 towers on lease across West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab, and Andaman & Nicobar Islands. The Company is ISO – 9001:2015, ISO 140001: 2015 and ISO 45001: 2018 certified Company. 

The Company is registered as Infrastructure Provider Category-I (IP-I) with Department of Telecommunication (DOT) which permits the Company to lease out build sites i.e. GBT/RTT/Pole sites and Out Door Small Cell (ODSC) and establish and maintain assets such as Dark Fibers, Right of Way, Duct Space and Tower for the purpose to grant on lease or rent or sale basis to the telecom service provider companies.

Related posts

Vinayaka Mission’s Law School proudly hosted the 1st Lecture of the Center for Justice through Technology’s (CJT)

STEER World to Exhibit Breakthrough Innovation in Industrial Recycling at 2024 KPLEX in Bengaluru

TIGP founded by Dr. Akshata & Dr. Swaroop trains Overseas Candidate Ashima Suri to  represent Canada in Ms. International World 2023

Dr. Atul jain: Best Hair Transplant Specialist in India

Open the World of Opportunities: Explore Your Home Abroad Through Investment Programs

GM Modular is all set to organise 2nd Edition GM half Marathon on 7th January, 2024