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

MUMBAI: Malabar Investments and Carnelian Capital have acquired a 9.96% stake in Scoda Tubes, an IPO-bound tubes and pipes manufacturer. The company, which filed its draft red herring prospectus (DRHP) on September 30, secured these investments through a fresh issue of shares.

Malabar Investments, a Mauritiusbased fund, subscribed to 2.4 million shares at Rs 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. According to the DRHP, Scoda Tubes aims to raise Rs 275 crore through the IPO, with Monarch Networth Capital serving as the sole banker to the issue