Telecommunication infrastructure provider SAR Televenture on Monday opened its Further Public Offer (FPO) on the day its rights issue got closed. The company said it had raised nearly ₹43 crore from anchor investors before its FPO opened for subscription. 

The price band of the FPO has been fixed at ₹200 and ₹210 per equity share for the company’s ₹150-crore FPO. The issue will eclose on July 24, 2024.

Those who have been allocated shares in the anchor round include Intuitive Alpha Investment Fund, Negen Undiscovered Value Fund, Minerva Emerging Opportunities Fund Ltd, BoFA Securities Europe SA, and Benani Capital. 

In a filing to the stock exchanges, SAR Televenture said it has allocated 20.35 lakh equity shares to 11 funds at ₹210 apiece, aggregating the transaction size to ₹42.74 crore. 

Earlier, SAR Televenture announced that it was looking to raise ₹450 crore through rights issue and FPO. This comprises a rights issue worth up to ₹300 crore and an FPO of up to ₹150 crore. 

The company proposes to use the proceeds to the tune of ₹273 crore to set up fibre-to-the-home (FTTH) network solutions, ₹42.5 crore for setting up an additional 1,000 4G/5G telecom towers, ₹30 crore for incremental working capital requirements and the balance amount for general corporate purposes in FY25. 

The company is a telecommunication infrastructure provider engaged primarily in the business of installing and commissioning telecom towers and FTTH in India. 

As of May 31, 2024, the company has installed an aggregate of 413 towers on lease across West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab, and Andaman & Nicobar Islands.