Ahead of September 13 IPO, RR Kabel reduces fresh issue size to ₹180 crore

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The preliminary share sale of RR Kabel Ltd will open for public subscription on September 13 and the corporate has determined to cut back its contemporary situation dimension to as much as 180 crore.

Representational Image
Representational Picture

The TPG Capital-backed wires and cables producer’s Preliminary Public Providing (IPO), which is able to conclude on September 15, has each contemporary situation of shares and the Supply for Sale (OFS).

The agency has lowered its dimension of contemporary situation of fairness shares to as much as 180 crore from the sooner goal of 225 crore, as per the Purple Herring Prospectus (RHP).

The OFS will see offloading of greater than 1.72 crore fairness shares by promoters and different shareholders.

These promoting shares within the OFS embrace Mahendrakumar Rameshwarlal Kabra, Hemant Mahendrakumar Kabra, Sumeet Mahendrakumar Kabra, Kabel Buildcon Options Pvt Ltd and Ram Ratna Wires Ltd.

Non-public fairness agency TPG Capital, which holds a 21 per cent stake in RR Kabel, will partially promote its stake within the firm below the OFS.

The corporate proposes to utilise 136 crore of the online proceeds from the contemporary situation to pare down, in full or partly, debt availed from banks and monetary establishments.

Axis Capital Ltd, Citigroup World Markets India Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd and JM Monetary Ltd are the book-running lead managers to the problem.

The fairness shares of the corporate can be listed on the BSE and the NSE.

RR Kabel, part of RR World Group, posted a internet revenue of 214 crore and income of 4,386 crore in 2021-22.

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