IPO
Mining equipment maker Tega raises Rs.186-Cr from anchor investors
Kolkata-based Tega Industries, a manufacturer of consumables for the mining industry, has garnered INR 186 crore from anchor investors ahead of its initial share-sale. The company has decided to allocate 41 lakh equity shares to anchor investors at INR 453 apiece, valuing the transaction size to INR 185.76 crore. 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 another existing shareholder. The 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, the promoter group holds 85.17% stake in the company and Wagner owns 14.54%. At the upper end of the price band INR 443-453 per share, the IPO is expected to fetch INR 619.22 crore. Axis Capital and JM Financial are the merchant bankers to the public issue.
From the Venture Intelligence PE-VC Deal Database: In May-11, Tega raised $40-M from TA Associates. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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