Exciting Opportunity: Tolins Tyres’ Rs 230 Cr IPO Opens for Subscription on September 9 – Don’t Miss Out!
Tolins Tyres Sets IPO Price Band at Rs 215-226 per Share
Tolins Tyres Ltd has set the price band for its upcoming initial public offering (IPO) at Rs 215-226 per share. The Rs 230-crore IPO will open for subscription on September 9 and close on September 11. Bids from anchor investors will be accepted for a day on September 6.
The Kerala-based company’s IPO includes a fresh issuance of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of Rs 30 crore in equity shares. Promoters Kalamparambil Varkey Tolin and Jerin Tolin each plan to sell shares worth Rs 15 crore through the OFS, and they currently hold an 83.31% stake in the company.
Proceeds from the IPO will be utilized to enhance long-term working capital requirements (Rs 75 crore), settle debts (Rs 62.55 crore), and invest in the company’s subsidiary, Tolin Rubbers, to repay its debt and support its working capital needs (Rs 24.36 crore).
Tolins Tyres is a prominent player in the tyre and treads industry, with exports to 40 countries, including the Middle East, East Africa, Jordan, Kenya, and Egypt. Saffron Capital Advisors Pvt Ltd is the lead merchant banker for the public issue.
Bids can be placed for a minimum of 66 equity shares and in multiples thereafter.
First Published: Sep 03, 2024 | 10:50 PM IST
Original Story https://www.business-standard.com/markets/ipo/tolins-tyres-rs-230-cr-ipo-to-open-for-subscription-on-september-9-124090301137_1.html
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