Malabar, Carnelian buy 9.96% stake in IPO-bound Scoda Tubes

Scoda Tubes , an Kadi, Gujarat-based tubes and pipes manufacturer. has sold a 9.96% stake to Malabar Investments and Carnelian Capital through a fresh issue of shares.Malabar Investments, a Mauritius-based fund, subscribed to 2.4 million shares at INR 125 per share, resulting in a 5.43% stake. Carnelian Capital, founded by Vikas Khemani, subscribed to 2 million shares, representing 4.53% of the total shareholding.The company has filed a draft red herring prospectus (DRHP) on September 30 to raise INR 275 crore through an IPO. Monarch Networth Capital is the sole banker to the issue.