The company allotted a total 30.53 lakh shares to these investors at INR 226 apiece, which is also the upper-end of the price band. This aggregates the transaction size to INR 69 crore, according to a circular uploaded on BSE's website.
The company's INR 230-crore IPO will be open for public subscription during September 9-11. It has fixed a price band of INR 215 to INR 226 per share for its initial public offering (IPO).
The Kerala-based company's initial share-sale is a combination of fresh issue of equity shares worth INR 200 crore and an offer-for-sale (OFS) of equity shares to the tune of INR 30 crore.
Promoters -- Kalamparambil Varkey Tolin and Jerin Tolin -- will offload shares worth INR 15 crore each through the OFS route. They own 83.31 per cent stake in the company at present.
Of the INR 200 crore IPO proceeds, INR 75 crore will be used to augment long-term working capital requirements of the company and INR 62.55 crore for payment of debt.
Further, INR 24.36 crore will be used for investment in the company's subsidiary, Tolin Rubbers for repaying its debt and to support its working capital requirements.
Bids can be made for a minimum of 66 equity shares and in multiples of 66 equity shares thereafter.
Tolins Tyres is a leading player in the tyre and treads industry and exports its products to 40 countries, including the Middle East, East Africa, Jordan, Kenya and Egypt.
Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker to the public issue.
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