Before Issuing IPO, Tejas Network Raises Rs 349.5 Crore from Anchor Investors
DSIJ Intelligence / 14 Jun 2017
Telecom Equipment maker Tejas Networks Ltd. will open for subscription today. Ahead of its IPO, the company has raised Rs 349.50 crore from anchor investors.
Telecom Equipment maker Tejas Networks Ltd. will open for subscription today. Ahead of its IPO, the company has raised Rs 349.50 crore from anchor investors.
13.6 crore equity shares have been allotted by the company at Rs 257 per share (upper price band) to 17 anchor investors. List of major investors (anchor) include Abu Dhabi Investment Authority, East Bridge Capital Master Fund Ltd., Reliance Capital Trustee Company Ltd. and the Colombia Emerging Markets Fund.
Tejas Networks is aiming to raise up to Rs 777 crore though its IPO. The IPO will include issue of fresh equity shares and an offer for sale. The company is aiming to raise Rs 450 from the fresh issue.
Tejas will be using the funds primarily for its working capital needs and a portion of the funds will be spent on capital expenditure and towards payment of salaries and wages of research and development team as per the details provided in the red herring prospectus.
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