Ahmedabad, Sep 05, Kross Limited shall open its Bid/Offer in relation to its initial public offering of Equity Shares on Monday, September 9.
According to a statement issued by the company here today The total offer size (“Offer”) includes a Fresh Issue aggregating up to ₹ 250 crore (“Fresh Issue”) and an Offer for Sale aggregating up to ₹ 250 crore. (“Offer for Sale”). The Anchor Investor Bidding date shall be on Friday, September 6, 2024 and the Bid Offer will be closed on Wednesday, September 11. 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. (“Bid Lot”).
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. (“Objects of Offer”)
