RR Kabel's IPO To Open On Sept. 13; Reduces Fresh Issue Size To Rs 180 Crore
The OFS will see offloading of more than 1.72 crore equity shares by promoters and other shareholders.
The initial share sale of RR Kabel Ltd. will open for public subscription on Sept. 13 and the company has decided to reduce its fresh issue size to up to Rs 180 crore.
The TPG Capital-backed wires and cables manufacturer's Initial Public Offering, which will conclude on Sept. 15, has both fresh issue of shares and the Offer for Sale.
The firm has lowered its size of fresh issue of equity shares to up to Rs 180 crore from the earlier target of Rs 225 crore, as per the Red Herring Prospectus.
The OFS will see offloading of more than 1.72 crore equity shares by promoters and other shareholders.
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.
Private equity firm TPG Capital, which holds a 21% stake in RR Kabel, will partially sell its stake in the company under the OFS.
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.
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.
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.
