Saraswati Saree Depot Ltd. IPO Set to Open on August 12, 2024

 

National: “Saraswati Saree Depot Limited” has announced its Initial Public Offering (IPO) scheduled to open for bidding on August 12, 2024. The IPO includes a fresh issue of up to 6,499,800 equity shares and an offer for sale of up to 3,501,000 equity shares, making the total offer size 10,000,800 equity shares.

Key Details of the IPO:
Price Band: ₹152 to ₹160 per equity share
Face Value: ₹10 per equity share
Bid Offer Period: August 12 to August 14, 2024
Minimum Bid Lot: 90 equity shares and multiples of 90 thereafter

The net proceeds from the fresh issue will primarily be used to meet the company's working capital requirements, estimated at ₹810 million (₹81 crore) for FY 2025, with the remaining funds allocated for general corporate purposes.

The offer for sale consists of up to 3,501,000 equity shares being sold by the promoter group shareholders, which includes:
Tejas Dulhani: Up to 700,200 equity shares
Amar Dulhani: Up to 700,200 equity shares
Shevakram Dulhani: Up to 700,200 equity shares
Sujandas Dulhani: Up to 700,200 equity shares
Tushar Dulhani: Up to 350,100 equity shares
Nikhil Dulhani: Up to 350,100 equity shares

The equity shares are being offered through the company’s Red Herring Prospectus dated August 06, 2024, filed with the Registrar of Companies, Maharashtra at Pune. The IPO provides an opportunity for investors to become part of a well-established company in the textile industry, known for its wide range of saree products and strong market presence.

Investors interested in participating in this offering can make their bids between the price band of ₹152 to ₹160, with a minimum bid lot size of 90 equity shares, ensuring accessibility for a range of investors.