Stove Kraft announces launch of initial public offering
Stove Kraft Ltd. has announced public offering of 10717532 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 375.00 per share. The gross proceeds of the issue are expected to be Rs 41,262.50 lakhs. The company's initial public offer (IPO) will open on 25 January 2021 and is expected to close on 28 January 2021, subject to customary closing conditions.
The price band of the issue has been fixed at Rs 384.00-385.00 per share. The IPO includes a fresh Issue of 10717532 Equity Shares of the Company at an price of Rs 385.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 38 shares with bids in multiples of 38. Stove Kraft Ltd. anticipates using the proceeds of the issue for Repayment/prepayment, in full or part, of certain borrowings availed by the Company General corporate purposes. Edelweiss Financial Services Ltd.,JM Financial Ltd. as lead manager(s) & KFIN Technologies Pvt. Ltd. is the registrar, to the issue.
