Source : PTI | New Delhi:Auto parts manufacturer Kross Ltd on Friday said it has mobilised INR 150 crore from anchor investors ahead of its initial public offering (IPO). EastSpring Investments, Mathews Asia Funds, LIC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak Mahindra MF, Motilal Oswal MF, Edelweiss MF and Max Life Insurance Company are among the anchor investors.
According to a circular uploaded on BSE’s website, Kross Ltd around INR 150 crore from 19 funds including mutual funds by allotting 62.49 lakh equity shares at INR 240 per equity share — the upper end of the price band.
The Jamshedpur-based company’s IPO is a combination of a fresh issue of equity shares worth INR 250 crore and an Offer for Sale (OFS) aggregating up to INR 250 crore by the promoters.
The OFS portion consists of equity shares to the tune of up to INR 168 crore by Sudhir Rai and INR 82 crore by Anita Rai.
The issue, with a price band of INR 228-240 per share, will open for public subscription on September 9 and conclude on September 11.
Kross 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. Besides, a portion will be used for general corporate purposes.
Bids can be made for a minimum of 62 equity shares and in multiples of 62 equity shares thereafter.
Founded in 1991, Kross is a diversified player focused on manufacturing and supply of trailer axle and suspension assembly and a wide range of forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles and farm equipment segments.
Equirus Capital is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and the NSE.
