Auto parts manufacturer Kross Ltd and Saraswati Saree Depot Ltd have received Sebi’s go ahead to raise funds through initial public offerings.
The two companies filed their preliminary initial public offering (IPO) papers with the capital markets regulator between October and December 2023 and obtained their regulatory observation during March 22-27, an update with the Securities and Exchange Board of India (Sebi) showed on Monday.
As per the draft papers, Kross’ maiden public issue is a mix of a fresh issue of shares worth up to Rs 250 crore and an Offer for Sale (OFS) of shares aggregating up to Rs 250 crore by promoters. The OFS portion consists of equity shares to the tune of up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai.
The Jamshedpur-based company proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company.
Saraswati Saree Depot’s IPO comprise
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