Ahmedabad: Saraswati Saree Depot Limited, shall open its Bid/Offer in relation to its initial public offer of Equity Shares on August 12, 2024. The total offer size of Equity Shares (face value ₹ 10 each) comprises of fresh issue of up to 6,499,800 Equity Share and Offer for Sale of up to 3,501,000 Equity Shares, the company said on Thursday.

The company stated, “The Price band of the Offer is fixed at ₹ 152 to ₹ 160 per Equity Share. The face value of each equity share is ₹ 10. Bids can be made for a minimum of 90 Equity Shares and in multiples of 90 Equity Shares thereafter. The Company proposes to utilize the Net Proceeds from Fresh Issue towards funding Working capital requirements of the Company estimated ₹ 810 million [₹ 81 Crore] to be deployed in FY 2025; and balance amount towards General corporate purposes.”

According to the company, “The Offer for Sale of up to 3,501,000 Equity Shares (“Offered Shares”) of face value ₹ 10 each comprise of up to 700,200 Equity Shares by Tejas Dulhani; up to 700,200 Equity Shares by Amar Dulhani; up to 700,200 Equity Shares by Shevakram Dulhani; up to 700,200 Equity Shares by Sujandas Dulhani; up to 350,100 Equity Shares by Tushar Dulhani and up to 350,100 Equity Shares by Nikhil Dulhani (collectively, the “Promoter Group Selling Shareholders”).”

“The Equity Shares are being offered through the Company’s Red Herring Prospectus dated August 06, 2024 filed with the Registrar of Companies, Maharashtra at Pune (“RHP”),” said an official statement.

“The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on Stock Exchanges being BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” together with BSE, the “Stock Exchanges”). For the purposes of the Offer, the Designated Stock Exchange shall be NSE.” the statement added.

The company also stated, “All potential Bidders are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts (including UPI ID for UPI Bidders using UPI Mechanism) (as defined hereinafter) in which the Bid amount will be blocked by the SCSBs or the Sponsor Banks, as applicable, to participate in the Offer. For details, see “Offer Procedure” on page 332 of the Red Herring Prospectus.”

Unistone Capital Private Limited is the Book Running Lead Manager to the Offer (“BRLM”).