SEBI clears Kross, Saraswati Saree Depot IPO papers; returns Polymatech Electronics, Garuda Construction DRHPs

Saraswati Saree Depot, Kross IPO papers cleared by SEBI

Kross, and Saraswati Saree Depot have received approval from the capital markets regulator SEBI to go ahead with fundraising plans by launching initial public offerings.

Trailer axle and suspension assembly manufacturer Kross filed draft papers on November 30, 2023, for Rs 500-crore IPO, which is a mix of fresh issuance of equity shares worth Rs 250 crore and an offer-for-sale (OFS) of shares worth Rs 250 crore by promoters Sudhir Rai and Anita Rai.

The SEBI issued an observation letter to Kross on March 22. In SEBI's parlance, the issuance of an observation letter means the company can launch its IPO within a year from the receipt of the observation letter.

Equirus Capital is the sole merchant banker to the IPO by Kross.

Saraswati Saree Depot, which had filed draft papers on September 29 last year, has been allotted an observation letter by the regulator on March 27 this year.

Also read: Supermarket chain Patel Retail files IPO papers with SEBI

The Maharashtra-based saree wholesaler IPO comprises a fresh issue of 72.45 lakh equity shares and an OFS of 35.55 lakh equity shares by promoters.

Promoters Tejas Dulhani, Amar Dulhani, Shevakram Dulhani, Sujandas Dulhani, Tushar Dulhani, and Nikhil Dulhani are the selling shareholders in the OFS.

Unistone Capital has been acting as the book-running lead manager to the public issue.

Meanwhile, the regulator has returned draft papers filed by Polymatech Electronics, and Garuda Construction & Engineering on March 28 and March 27, respectively.

Also read: IPO lock-in expiry: Shares worth Rs 1.47 lakh crore to enter market between April and July

Tamil Nadu-based opto-semiconductor chips manufacturer Polymatech Electronics, which had filed draft papers on September 29 last year, was proposed to raise Rs 750 crore via an initial public offering.

The Garuda Construction IPO papers were filed on February 19 this year. It was planning to raise funds via a fresh issue of 1.83 crore equity shares and an OFS of 95 lakh shares. PKH Ventures was the selling shareholder in the OFS.