SAR Televenture Raises Rs 43 Crore Ahead of FPO Launch

SAR Televenture, a telecommunication infrastructure provider, has raised nearly Rs 43 crore from anchor investors ahead of its follow-on public offer (FPO), scheduled to open from July 22-24. The funds will support the installation of FTTH networks and additional telecom towers, alongside covering incremental working capital and general corporate expenses.

Telecommunication infrastructure provider SAR Televenture announced on Friday that it has secured nearly Rs 43 crore from anchor investors, just days before its follow-on public offer (FPO) opens for subscription.

The allocation includes contributions from Intuitive Alpha Investment Fund, Negen Undiscovered Value Fund, Minerva Emerging Opportunities Fund Ltd, BoFA Securities Europe SA, and Benani Capital. A total of 20.35 lakh equity shares were allocated to 11 funds at Rs 210 each, aggregating to a transaction size of Rs 42.74 crore.

The FPO price band is set between Rs 200 and Rs 210 per share, with the subscription period from July 22 to July 24. Additionally, SAR Televenture plans to raise Rs 450 crore through a combination of rights issue and FPO to support the installation of FTTH networks, telecom towers, and other corporate needs.