The company had filed a draft red herring prospectus with the capital markets regulator SEBI in January this year to raise ₹1,750 crore via an initial public offering to cut down its debt burden.
The company has received intimations from its promoters, Tanveer Singh and Rajiv Singh on April 26 and April 29, respectively, that they have transferred in total 34.09 lakh shares to several investors via secondary sale.
They sold these shares at a price of ₹310 per share. At this price, the company demands a valuation of ₹10,411 crore post issue.
People related to the film and cricket industries, including Ranbir Kapoor, Aamir Khan, Karan Yash Johar, Bimal Parekh, Jasprit Bumrah, and Rohit Sharma picked 9,68,910 equity shares worth ₹30.03 crore in the company on April 25.
India Opportunities Growth Fund – Pinewood Strategy also invested ₹25.51 crore against 8.23 lakh shares in the company on April 28.
Meanwhile, Karamtara, which competes with listed entities like Inox Wind, KP Green Engineering, Premier Energies, Waaree Energies, and Suzlon Energy, had also raised ₹307.17 crore via preferential allotment of 98.08 lakh shares to several investors at the same price on January 10 this year.
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Marquee names like Jagdish Naresh Master, Utpal Hemendra Sheth, Singularity Growth Opportunities Fund, Gaurav Trehan, Quantum State Investment Fund, Ananta Capital Venture Fund, Jaidev Rajnikant Shroff, Axia Select Opportunities Fund, Mithun Padam Sacheti and Siddhartha Sacheti, and MNI Ventures invested in the company via preferential allotment.
Mumbai-based Karamtara Engineering plans to raise ₹1,350 crore via a fresh issue component and ₹400 crore via the offer-for-sale route. Promoters — Tanveer Singh and Rajiv Singh — will be selling ₹200 crore worth of shares each in the offer-for-sale.
It intends to reduce its debt burden significantly, as it plans to utilise ₹1,050 crore out of fresh issue proceeds for repaying debt, and the remainder of the funds for general corporate purposes. As of November 2024, its total outstanding borrowings from banks and lending institutions of ₹586.4 crore and outstanding acceptances pursuant to letters of credit amounting to ₹733.6 crore.
The company is a backwards-integrated manufacturer of products for renewable energy and transmission lines sectors, with a total installed capacity of 5.67 lakh MTPA and 4.8 lakh pieces as of September 2024. It offers structures and fasteners in the solar energy and transmission sectors, and overhead transmission line hardware fittings and accessories.
The book running lead managers handling the public issue will be JM Financial, ICICI Securities, and IIFL Capital Services.
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