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Bollywood stars, cricketers invest in Karamtara Engineering's pre-IPO round
Bollywood actors Ranbir Kapoor and Aamir Khan, as well as cricket players Rohit Sharma and Jasprit Bumrah, have invested in power transmission firm Karamtara Engineering's pre-IPO round.
Karamtara Engineering is a backwards-integrated manufacturer of products for the renewable energy and transmission lines sectors. It offers a diverse product portfolio, which enables it to serve as a one-stop shop for solar structures (fixed-tilt and trackers).
The company offers lattice structures for transmission lines, fasteners for solar, wind, transmission and industrial sectors, and overhead transmission line hardware fittings and accessories.
As part of the transaction, the company's promoters, Tanveer Singh and Rajiv Singh, have transferred an aggregate of 34,09,724 equity shares at Rs 310 apiece for an aggregating amount of Rs 106 crore, by way of a secondary sale, according to a public announcement.
Of these shares, Kapoor has bought 1,61,300 shares worth Rs 5 crore, Khan picked up 1,29,050 shares to the tune of Rs 4 crore, and Karan Johar purchased 4.85 lakh shares for Rs 1.5 crore. Additionally, Sharma and Bumrah bought 64,520 shares for Rs 2 crore each, the notice showed.
Karamtara Engineering filed preliminary papers with markets regulator Sebi in January seeking approval to raise Rs 1,750 crore through an initial public offering (IPO).
The proposed IPO is a combination of a fresh issue of shares valued at Rs 1,350 crore and an offer for sale (OFS) of shares worth Rs 400 crore by promoters.
Proceeds of the fresh issue to the tune of Rs 1,050 crore will be used towards payment of debt and a portion will be utilised for general corporate purposes.
On the financial front, the company posted a Profit After Tax (PAT) of Rs 102.65 crore in FY2024, more than double from Rs 42.36 crore in the preceding fiscal. Revenues rose to Rs 2,425.15 crore from Rs 1,600.31 crore in FY2023.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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