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Transformers & Rectifiers (India) Ltd. aims to raise ₹500 crore via share sale at ₹699.95 per share, a 4.5% discount. The sale will dilute 5.2% equity, funding capital expenditure, debt repayment, and general corporate purposes.
Transformers & Rectifiers (India) Ltd. is launching a share sale to institutional investors to raise up to ₹500 crore. Nuvama Wealth Management Ltd, previously known as Edelweiss Securities Ltd, is the book-running lead manager for the share sale.
The company announced a floor price of ₹699.95 per share in its stock exchange filing. This price represents a 4.5% discount on the closing price on Monday. The share sale is expected to result in an equity dilution of 5.2%.
The funds raised from this share sale will be utilised for various purposes including:
Capital Expenditure: Investments in expanding and upgrading the company's infrastructure and operations.
Debt Repayment: Reducing the company's existing borrowings to improve financial health.
Working Capital: Ensuring the company has adequate resources for daily operational needs.
Inorganic Growth: Funding potential acquisitions and mergers to expand the company’s market presence.
General Corporate Purpose: Supporting other unspecified corporate needs.
After the share sale, the selling shareholder will be subject to a lock-up period of 60 days, during which they are restricted from further selling of shares, with certain exceptions.
According to the shareholding pattern from the March quarter, promoter group entities hold a 69.65% stake in Transformers & Rectifiers (India) Ltd.
This strategic move is aimed to strengthen the company's financial position and support its growth objectives.
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