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SAR Televenture Limited, the telecommunication infrastructure provider, has acceptable the terms set for its follow-on nationalist connection (FPO) astatine ₹200 to ₹210 per equity share, according to a property merchandise issued by the institution connected Thursday, July 4. The rights contented is scheduled to unfastened for subscription connected July 15 and adjacent connected July 22, and the grounds day for the rights contented volition beryllium July 9.
The institution aims to rise ₹450 crore done a operation of an FPO of ₹150 crore and a rights contented of ₹300 crore worthy of shares to money its expansion plans. SAR Televenture has decided that 1 rights stock volition beryllium allocated to each equity shareholder holding 1 stock successful the company, according to the release.
The rights contented volition person 1.5 crore afloat paid-up equity shares of ₹2, astatine the terms of ₹200 per equity share. The institution plans to usage the wealth raised from the further contented to fuel its growth.
“The institution proposes to utilise the nett proceeds towards backing mounting up of Fiber-to-the-Home (FTTH) web solutions for 3,00,000 Home Passes estimated to beryllium ₹273 crore,” it said successful the statement.
In summation to the existent infrastructure, arsenic galore arsenic 1,000 telecom towers supporting 4G oregon 5G are expected to beryllium built for ₹42.50 crore. The institution besides needs moving capital, for which the expenses are to beryllium astir ₹30 crore.
SAR Televenture shares closed 1.39 per cent higher astatine ₹269.25, arsenic compared to the erstwhile adjacent astatine ₹265.55 connected July 3. The shares besides deed a grounds precocious of ₹278.80 successful Thursday's trading session.
The telecommunications infrastructure supplier was listed connected the National Stock Exchange (NSE) connected November 8, 2023. As of July 4, 2024, its marketplace worth was ₹403.43 crore.
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