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NSE Emerge listed SAR Televenture to raise Rs 450 crore via FPO and Rights Issue

Recently listed, SAR Televentures Limited, a telecommunication infrastructure provider, engaged primarily in the business of installing and commissioning telecom towers in India has filed its Draft Offer Document to raise Rs 450 crore via a further public offer and a rights issue.

 

The composite public issue with a face value of Rs 2 consists of a further public offer of Rs 200 crore and a rights issue of Rs 250 crore. 

 

The proceeds from the issue, to the extent of Rs 273 crore will be used for funding Setting up of Fiber-to-the-Home (FTTH) network solutions for 3,00,000 Home Passes; Rs 42.50 crore for funding setting up of an additional 1000 number of 4G/5G telecom towers; Rs 30 crore for funding incremental working capital requirement of the Company; and General corporate purposes.

The Further Public Offer is being made through the book-building process, wherein not more than 50% of the net further public offer shall be allotted on a proportionate basis to qualified institutional buyers, not less than 15% of the net further public offer shall be available for allocation to non-institutional bidders, and not less than 35% of the net offer shall be available for allocation to retail individual bidders.

 

SAR Televenture Limited with an issue price was Rs 55 per share debuted on the NSE Emerge Platform through an Initial Public Offering, and became a public listed company on November 08, 2023. The scrip listed Rs 105 per share, a premium of 90.91% and concluded the day at Rs 110.25 per share, a premium of 100.45%.

The Company was set up with a focus on providing telecommunications solutions to telecom network operators. Its has rapidly expanded its footprint and as of January 31, 2024, the company installed a total of 413 towers on lease across various regions including West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab, and Andaman & Nicobar Islands.

The Noida-based company is registered with the Department of Telecommunication (DOT), and is authorized to lease out build sites such as GBT/RTT/Pole sites and Out Door Small Cell (ODSC), as well as establish and maintain assets like Dark Fibers, Right of Way, Duct Space, and Towers for lease, rent, or sale to telecom service provider companies.

Last year, SAR Televentures entered into a share purchase agreement to acquire 100% of the equity share capital of SAR Televentures F.Z.E, located in the United Arab Emirates (formerly known as Shoora International –F.Z.E), from Shoora Capital Limited. SAR Televentures F.Z.E is currently involved in the laying and installation of fibre cables and the trading of network equipment.

As part of its strategic expansion plan, it intends to venture into the Fiber to the Home (FTTH) business vertical. FTTH represents a cutting-edge broadband internet connection technology that leverages optical fibre to provide high-speed internet directly to households.

For fiscal 2022–23, the company’s revenue from operations increased 586.46% to Rs 32.46 crore from Rs 4.73 crore in fiscal 2021–22, primarily due to increase in revenue from the sale of service. Profit after tax increased 10,513.53% to Rs 3.94 crore in fiscal 2023 from Rs 0.03 crore in fiscal 2022. 

 

For the nine months ended December 31, 2023, revenue from operations stood at Rs 72.34 crore, and profit after tax stood at Rs 8.27 crore.

 

Pantomath Capital Advisors Private Limited is the sole book-running lead manager for the issue, and Link Intime India Private Limited is the registrar of the offer.

Notes:

NSE Emerge : https://www.nseindia.com/get-quotes/equity?symbol=SARTELE

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