The company gave these investors a total of 30.53 lakh shares of Rs. 226, which is also at the upper end of the price band. According to a circular uploaded on BSE’s website, this brings the transaction size to Rs. 69 crores.
Company’s Rs. 230 crore IPO will be open for public subscription from September 9-11. It has priced its initial public offering (IPO) at Rs. 215 to Rs. 226 price band has been fixed.
The Kerala-based company’s initial share sale was Rs. 200 crore fresh issue of equity shares and Rs. 30 crore is a combination of offer-for-sale (OFS) of equity shares.
Promoters – Kalamparambil Varki Tolin and Jarin Tolin – through OFS route each Rs. 15 crore shares will be offloaded. He currently holds 83.31 percent stake in the company.
Rs. 200 crore IPO from Rs. 75 crore will be used to augment the company’s long-term working capital requirements and Rs. 62.55 crore will be made towards debt repayment.
Additionally, Rs. 24.36 crore will be used to repay its debt in the company’s subsidiary Tolin Rubbers and support its working capital requirements.
Bids can be made for a minimum of 66 equity shares and thereafter in multiples of 66 equity shares.
Tollins Tires is a leading player in the tire and trade industry 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 of the public issue.
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