Jharkhand News: Jamshedpur-based Kross Ltd’s IPO to open on Sept 9
PINAKI MAJUMDAR Jamshedpur, September 5: Jamshedpur-based Kross Limited’s Initial Public Offering (IPO) is to open on September 9. The total offer size includes…
PINAKI MAJUMDAR
Jamshedpur, September 5: Jamshedpur-based Kross Limited’s Initial Public Offering (IPO) is to open on September 9.
The total offer size includes a fresh issue aggregating up to Rs 250 crore and an offer for sale aggregating up to Rs 250 crore.
The price band of the offer is Rs 228 to Rs 240 per equity share.
The company proposes to utilize net proceeds from the fresh issue towards funding of capital expenditure requirements, towards purchase of machinery and equipment estimated to be Rs 70 crore; 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 Rs 90 crore.
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Funding working capital requirements are estimated to be Rs 30 crore, and balance amount towards general corporate purposes.
About Kross Limited
Established in 1991, Kross Limited is a prominent manufacturer of a wide range of forged and machined components in India, with a growing export presence globally.
It manufactures a wide range of high-performance and safety-critical components for the commercial vehicle and tractor segment and operates out of its five manufacturing facilities in Jamshedpur which are equipped with capabilities to design, develop and manufacture its diverse product portfolio.
The company which counts Ashok Leyland and Tata International DLT Private Limited as its key clients, supplies its products to a diversified client base which includes large original equipment manufacturers (“OEMs”) manufacturing M&HCV and tractors, tier one suppliers to the OEMs in the M&HCV segment, domestic dealers and fabricators for its trailer axle and suspension business.
