Tega Industries, manufacturer of consumables for the mining industry, on Tuesday said it has garnered Rs 186 crore from anchor investors ahead of its initial share-sale that opens for public subscription on Wednesday.
The company has decided to allocate 41 lakh equity shares to anchor investors at Rs 453 apiece, valuing the transaction size to Rs 185.76 crore, according to a BSE circular. BNP Paribas Arbitrage, Goldman Sachs Funds, Ashoka India Equity Investment Trust Plc, Kuber India Fund, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Axis MF, Tata MF and Aditya Birla Sun Life MF are among the anchor investors.
The initial public offering (IPO) is purely an offer for sale of 1,36,69,478 equity shares by promoters and an existing shareholder. As a part of the offer for sale, promoters Madan Mohan Mohanka and Manish Mohanka will offload 33.14 lakh and 6.63 lakh equity shares, respectively. In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares. Currently, promoter and promoter group hold 85.17 per cent stake in the company and Wagner owns 14.54 percent shareholding.
The issue will be open for public subscription from December 1-3. Price band for the issue has been set at Rs 443-453 per share. At the upper end of the price band, the IPO is expected to fetch Rs 619.22 crore. Half of the issue size has been reserved for Qualified Institutional Buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors. Investors can bid for a minimum of 33 equity shares and in multiples thereof.
Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry, through its wide product portfolio. Axis Capital and JM Financial are the merchant bankers to the public issue. Shares of the company will be listed on both BSE and NSE.