Tolins Tyres Secures Rs 69 Crore from Anchor Investors Pre-IPO

Here are the latest updates on Tolins Tyres’ recent financial move:

1. Tolins Tyres Ltd has raised Rs 69 crore from anchor investors ahead of its IPO.
2. The company allotted 30.53 lakh shares at Rs 226 each to these investors.
3. The IPO, worth Rs 230 crore, will be open for public subscription from September 9-11.
4. The price band for the IPO is set between Rs 215 to Rs 226 per share.
5. Promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each through the offer-for-sale (OFS) route.
6. Of the IPO proceeds, Rs 75 crore will be used to augment long-term working capital requirements.
7. Rs 62.55 crore will be allocated for debt repayment.
8. An additional Rs 24.36 crore will be invested in the company’s subsidiary, Tolin Rubbers, for repaying its debt and supporting its working capital needs.
9. The anchor investors include BofA Securities Europe SA, NAV Capital VCC, Chhatisgarh Investments, Ashika Global Securities, Moneywise Financial Services, Vikasa India EIF I Fund, Invicta Continuum Fund I, and Steptrade Revolution Fund.
10. Tolins Tyres is a leading player in the tyre and treads industry, exporting products to 40 countries including the Middle East, East Africa, Jordan, Kenya, and Egypt.