te RR Kabel sets IPO price band at Rs 983-1,035 per share | Zee Business

RR Kabel sets IPO price band at Rs 983-1,035 per share

RR Kabel IPO: The IPO comprises fresh issue of equity shares of up to Rs 180 crore and an Offer For Sale (OFS) of more than 1.72 crore equity shares by promoters and other shareholders.

RR Kabel sets IPO price band at Rs 983-1,035 per share
At the upper price band of the issue, the IPO will fetch up to Rs 1,964 crore. Pic: IANS

RR Kabel IPO: TPG-backed wires and cables manufacturer RR Kabel Ltd on Friday said it has fixed a price band of Rs 983-1,035 per share for its Initial Public Offering (IPO). The IPO comprises fresh issue of equity shares of up to Rs 180 crore and an Offer For Sale (OFS) of more than 1.72 crore equity shares by promoters and other shareholders.

At the upper price band of the issue, the IPO will fetch up to Rs 1,964 crore.

Those selling shares in the OFS include Mahendrakumar Rameshwarlal Kabra, Hemant Mahendrakumar Kabra, Sumeet Mahendrakumar Kabra, Kabel Buildcon Solutions Pvt Ltd and Ram Ratna Wires Ltd.

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Private equity firm TPG Capital, which holds a 21 per cent stake in RR Kabel, will partially sell its stake in the company under the OFS.

The company has also reserved Rs 10.8 crore worth of shares for its eligible employees who will receive shares at a discount of Rs 98 per share on the final offer price.

The company proposes to utilise Rs 136 crore of the net proceeds from the fresh issue to pare down, in full or in part, debt availed from banks and financial institutions.

Investors can bid for a minimum of 14 equity shares and in multiples of 14 equity shares thereafter.

RR Kabel, a part of RR Global Group, posted a net profit of Rs 214 crore and revenue of Rs 4,386 crore in 2021-22.

Axis Capital Ltd, Citigroup Global Markets India Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd and JM Financial Ltd are the book-running lead managers to the issue.

The equity shares of the company will be listed on the BSE and the NSE.

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Written By: PTI
Updated: Fri, Sep 08, 2023
05:11 pm
PTI
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