SAR Televenture FPO Listed at 7.17% Above FPO Price on NSE

SAR Televenture FPO opened at ₹225.05 per share today on the NSE, marking a 7.17% increase from the issue price of ₹210. On Friday, the share price closed at ₹230 apiece on the NSE.

The follow-on public offering (FPO) of SAR Televenture Ltd, a telecommunications infrastructure provider, started its subscription on Monday, July 22, and concluded on Wednesday, July 24. By the third day, the subscription status for SAR Televenture's FPO was 7.49 times.

The price band for the FPO ranged from ₹200 to ₹210 per equity share. According to its filing to the stock exchanges, SAR Televenture allocated 20.35 lakh equity shares to 11 funds at ₹210 each, amounting to ₹42.74 crore.

SAR Televenture specialises in the installation and commissioning of telecom towers and FTTH networks in India. As of May 31, 2024, the company had constructed 413 towers on lease across West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab, and the Andaman and Nicobar Islands.

The company plans to raise ₹450 crore through a rights offering and the FPO. This includes a rights offering of up to ₹300 crore and a ₹150 crore FPO.

For FY25, the company intends to allocate ₹273 crore to develop fibre-to-the-home (FTTH) network solutions, ₹42.5 crore to build an additional 1,000 4G/5G telecom towers, ₹30 crore for incremental working capital needs, and the remainder for general corporate purposes.

The rights offering includes 1.5 crore equity shares at ₹2 each, with an issue price of ₹200 per rights share. Existing shareholders will be entitled to one rights share for each equity share held as of the record date, July 9, 2024.

To Summarize

SAR Televenture's share price opened at ₹225.05 per share today on the NSE, showing a 7.17% increase from the issue price of ₹210. The company aims to raise ₹450 crore through a combination of a rights offering and an FPO. This includes up to ₹300 crore through the rights offering and ₹150 crore through the FPO. The rights offering comprises 1.5 crore equity shares at ₹2 each, with an issue price of ₹200 per rights share. Existing shareholders will receive one rights share for each equity share held as of the record date, July 9, 2024.