NSE SME SAR Televenture's FPO subscribed 67%

The offer received bids for 36.36 lakh shares as against 53.62 lakh shares on offer.

The Further Public Offer (FPO) of SAR Televenture received bids for 36,36,500 shares as against 53,62,725 shares on offer, as per NSE data as of 17:00 hours on Monday (22 July 2024). The issue was subscribed 0.67 times.

The offer opened for bidding on Monday (22 July 2024) and it will close on Wednesday (24 July 2024). The price band of the FPO is fixed between Rs 200 to Rs 210 per share. The minimum order quantity is 500 equity shares.

The composite issue includes FPO aggregating up to Rs 150 crore and a rights issue of upto 1.50 crore equity shares of face value of Rs 2 each. The total offer size aggregates upto Rs 450 crore.

FPO includes market maker portion of 3,75,000 equity shares and anchor portion of 20,35,500 equity shares.

The company intends to ultilise the net proceeds for setting up of Fiber-to-the-Home (FTTH) network solutions for 3,00,000 Home Passes, setting up of an additional 1000 number of 4G/5G telecom towers, funding incremental working capital requirements and general corporate purposes.

SAR Televenture was listed on 8 November 2023 on National Stock Exchange (NSE). The scrip declined 2.41% to end at Rs 237 today.

SAR Televenture engaged primarily in the business of installing and commissioning telecom towers in India. As on May 31, 2024, the company has installed an aggregate 413 number of towers on lease over various areas in West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab, and Andaman & Nicobar Islands. As on 31 march 2024, the company has 38 employees.

The company recorded the revenue from operations of Rs 124.11 crore and profit after tax of Rs 15.66 crore for the period as on 31 March 2024.

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