Here are the latest updates on Tolins Tyres’ recent financial move:
- Tolins Tyres Ltd has raised Rs 69 crore from anchor investors ahead of its IPO.
- The company allotted 30.53 lakh shares at Rs 226 each to these investors.
- The IPO, worth Rs 230 crore, will be open for public subscription from September 9-11.
- The price band for the IPO is set between Rs 215 to Rs 226 per share.
- Promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each through the offer-for-sale (OFS) route.
- Of the IPO proceeds, Rs 75 crore will be used to augment long-term working capital requirements.
- Rs 62.55 crore will be allocated for debt repayment.
- 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.
- 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.
- 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.
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