On September 13, RR Kabel Ltd. will open for public subscriptions for its inaugural share offering. The business has also chosen to reduce the size of its fresh issuance to Rs 180 crore.
On September 15, the TPG Capital-backed wires and cables maker will complete its Initial Public Offering (IPO), which also includes an Offer for Sale (OFS).
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,the firm has reduced its size of fresh issue of equity shares to Rs 180 crore. As per the Red Herring Prospectus (RHP).
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.
TPG Capital, a private equity firm that has a 21% share in RR Kabel, will sell a portion of its interest under the OFS.
The company plans to use Rs 136 crore of the net proceeds from the new issue to completely or partially pay off debt obtained from banks and other lending organizations.
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, reported a net profit of Rs 214 crore and revenue of Rs 4,386 crore in 2021-22.
