Amansa Investments, SBI Mutual Fund and HDFC Life Insurance Company, among others, have invested over Rs 413 crore in defence electronics maker Tonbo Imaging India Ltd through secondary share transactions, valuing the company at around Rs 4,000 crore.
This comes ahead of the company's Rs 852 crore Initial Public Offering (IPO).
The transactions, executed on September 29-30, involved existing investors CEAQ Singapore and CEAQ India transferring shares to a group of domestic and international institutional investors, according to the Red Herring Prospectus (RHP).
The buyers included Amansa Investments, Malabar India Fund, SBI Emergent India Fund, SBI Optimal Equity Fund, HDFC Life Insurance Company, Susquehanna Asia Technology, Valuequest Founders Conviction and 360 ONE Multi-Stage Defence and Space Fund, it showed.
Amansa Investments was the largest buyer, acquiring 24.32 lakh shares at Rs 700 apiece, the upper end of the IPO price band, for around Rs 170.24 crore.
Susquehanna Asia Technology Pty Ltd, Valuequest Founders Conviction LVF and 360 ONE Multi-Stage Defence and Space Fund each purchased 5.73 lakh shares for Rs 40.10 crore.
Akash Manek Bhanshali bought 5.66 lakh shares for Rs 39.59 crore, while SBI Emergent India Fund acquired 5 lakh shares worth Rs 35 crore. SBI Optimal Equity Fund and HDFC Life Insurance Company purchased shares valued Rs 20.09 crore and Rs 16.03 crore, respectively.
The company's IPO will open for public subscription on October 15 and close on October 19, with the price band of Rs 665-700 per share.
The issue comprises an Offer For Sale (OFS) of 1.22 crore equity shares by promoters and existing investors, with no fresh issue component.
Since the IPO is entirely an OFS, Tonbo Imaging will not receive any proceeds from the issue.
Founded in 2003 by technologists who had earlier worked with the US Department of Defense and Sarnoff Corporation, the company shifted its focus to defence product manufacturing in 2012 following a buyout by its current promoters.
Tonbo Imaging designs and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications. Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems.
The company supplies its products to global defence forces, law enforcement agencies, homeland security organisations and defence original equipment manufacturers (OEMs).