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An unprecedented milestone in Indian Alternate Capital Markets
· SAR Televenture Limited (“the Company”) successfully completed a composite issue of equity share comprising Rights Issue (“RI”) of INR 300 Crores and Further Public Offer (“FPO”) of INR 150 Crores;
· Company’s Rights Issue closed on Monday, July 22, 2024 & Public portion of the Rights Issue was subscribed more than 1.37 times (gross subscription before rejection);
· Meanwhile the Further Public Offer (FPO) which closed today also got subscribed 7.49 times with oversubscription in all categories
· In the FPO, The Qualified Institutional Buyers (QIB) category was subscribed 8.31 times while Non-Institutional category was subscribed 11.26 times. The retail portion of the FPO was subscribed 6.51 times
· The Promoters of the Company also to their Rights Issue entitlement which stood at 1,13,04,500 number of Equity Shares against total promoter entitlement of 99,39,725 fully paid up Equity Shares of INR 2 each resulting in over-subscription of the promoter portion of the Rights Issue by 113.73%
· In the anchor round of FPO, the Company raised Rs 42.74 crores from Anchor Investors at a price of INR 210 per Equity Share; with participation from Marquee investors like BoFA Securities, Intuitive Alpha Investment Fund, Negen Undiscovered Value Fund among others.
· Pantomath Capital Advisors Private Limited acted as the Sole Lead Manager to the Composite Issue;
Bengaluru, July 25th 2024: In an unprecedented milestone in Indian alternate capital markets, the largest public offering ever of INR 450 Crores got successfully completed by SAR Televenture Limited on NSE Emerge Platform. The unprecedented issue structure of a Composite Issue of the Company, amounting to INR 450 Crores comprised rights issue of Rs 300 crores and Further Public Offer (FPO) of Rs 150 crores.
FPO
As part of Composite Issue structure, the Company’s Further Public Offering of Rs 150 crores opened on July 22, 2024 and closed on Wednesday, July 24, 2024.
FPO was subscribed over all 8.05 times with oversubscription in all categories.
QIB category was subscribed 8.31 times. The FIIs led the QIB round and cornered the largest share of QIB applications.
Non Institutional Investors category was subscribed 11.26 times. Within the NII category, strong response came from the Individual Investors (other than RIIs).
Retail Individual Investors category also got fully subscribed with 6.51 times over subscription.
The price band of FPO was INR 200 to INR 210 per Equity Share. In the Anchor round the Company raised INR 42.74 crores from Anchor Investors at a price of INR 210 per Equity Share of face value INR 2 each.
Rights issue
The Rights Issue of the Company received oversubscription from its shareholders. The Rights Issue opened on Monday, July 15, 2024 and closed on Monday, July 22, 2024. The Rights Issue price was INR 200 per Rights Equity Share (including premium of INR 198 per Rights Equity Share). With reference to number of shares, against total number of 1,50,00,000 fully paid up Equity Shares of INR 2 each issued under Rights Issue, the Company received applications for total 1,82,38,500.00 (121.59% of total Rights Issue) fully paid up Equity Shares.
The public portion received total applications of 69,34,000 number of Equity Shares against total public holding of 50,60,275 fully paid up Equity Shares of INR 2 each resulting in over-subscription of the public portion of the Rights Issue by 137.03%*.
The Promoters of the Company also oversubscribed to their Rights Issue entitlement which stood at 1, 13,04,500 number of Equity Shares against total promoter entitlement of 99,39,725 fully paid up Equity
Shares of INR 2 each resulting in over-subscription of the promoter portion of the Rights Issue by 113.73% The Company shall complete the allocation process in consultation with RTA and NSE.
Pantomath Capital Advisors Private Limited acted as the Sole Book Running Lead Manager to the Composite Issue.