Kross Limited IPO to open on September 9
September 05, 2024
Ahmedabad: Kross Limited, shall open its Bid/Offer in relation to its initial public offering of Equity Shares on Monday, September 9, 2024. The total offer size includes a Fresh Issue aggregating up to ₹ 250 crore and an Offer for Sale aggregating up to ₹ 250 crore, the company said today.
The official statement of the company said, “The Anchor Investor Bidding date shall be on Friday, September 6, 2024 and the Bid Offer will be closed on Wednesday, September 11, 2024. The Price band of the offer is ₹ 228 to ₹ 240 per Equity Share. Bids can be made for a minimum of 62 Equity Shares and in multiples of 62 Equity Shares thereafter.”
The Company proposes to utilize net proceeds from the Fresh Issue towards (i) Funding of capital expenditure requirements towards purchase of machinery and equipment estimated to be ₹ 70 crore, (ii) Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed from banks and financial institutions estimated to be ₹ 90 crore; (iii) Funding working capital requirements estimated to be ₹ 30 crore; and balance amount towards General corporate purposes.
As per the press statement, “The Offer for Sale comprises of Equity shares aggregating up to ₹168 crore by Sudhir Rai and Equity shares aggregating up to ₹ 82 crore by Anita Rai. The Equity Shares are being offered through the Red Herring Prospectus of the Company dated September 2, 2024 filed with the Registrar of Companies, Jharkhand at Ranchi (“ROC”), SEBI and the Stock Exchanges.”
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the stock exchanges being BSE Limited and National Stock Exchange of India Limited. For the purposes of the Offer, the Designated Stock Exchange shall be NSE.
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