SAR Televenture Limited Announces Rs. 450 Crore Composite Equity Issue

SAR Televenture Limited has announced a Composite Equity Issue of Rs. 450 crore, comprising a Rights Issue of Rs. 300 crore and a Further Public Offer (FPO) of Rs. 150 crore. The funds will be used to expand telecom infrastructure and improve operational efficiency.

SAR Televenture Limited (NSE Symbol: SARTELE) has declared a significant Composite Equity Issue worth Rs. 450 crore. This includes a Rs. 300 crore Rights Issue and a Rs. 150 crore Further Public Offer (FPO). Approved at the Board of Directors meeting on January 20, 2024, this initiative aims to raise substantial capital.

The Rights Issue consists of 1,50,00,000 fully paid Equity Shares priced at Rs. 200 each, and it will be open from July 15th to July 22nd, 2024. Existing shareholders are entitled to one Rights share for each equity share held as of July 9th, 2024. Pantomath Capital Advisors Private Limited, leading the book running, underscores the company's commitment to Rs. 150 crore fundraising for infrastructure expansion.

The funds will facilitate the setup of a Fiber-to-the-Home network for 3,00,000 Home Passes, install 1,000 new 4G/5G telecom towers, and cater to additional working capital needs. Established in 2019, SAR Televenture is a public-listed company specializing in telecom infrastructure and has achieved significant milestones in deploying towers across various Indian states.

(With inputs from agencies.)