- Each Rs. 10 per equity share of face value of Rs. 152 to Rs. 160 price band fixed
- Bids/offers will open on Monday, August 12, 2024 and close on Wednesday, August 14, 2024.
- Bids may be made for a minimum of 90 shares and thereafter in multiples of 90 shares
Ahmedabad, August 08, 2024 – Saraswati Sari Depot Limited (the “Company”) will open its bid/offer for the IPO of its equity shares on August 12, 2024 (the “Offer”). The total offer size of equity shares (of face value of Rs. 10 each) consists of fresh issue of 64,99,800 equity shares and offer for sale of 35,01,000 equity shares (“Total Offer Size”).
The price band of the offer per equity share is Rs. 152 to Rs. 160 has been fixed (Prize Band). Each equity share has a face value of Rs. is 10. Bids may be made for a minimum of 90 shares and thereafter in multiples of 90 shares.
Out of the total proceeds from the company's fresh issue, Rs. 810 million (Rs. 81 crore) will be used to fund the working capital requirements of the Company in the financial year 2025 and the balance will be used for general corporate purposes (“Purpose of the Offer”).
Each offer for sale is worth Rs. 7,00,200 Equity Shares by Tejas Dulhani, 7,00,200 Equity Shares by Amar Dulhani, 7,00,200 Equity Shares by Shevkram Dulhani, 7,00,200 by Sujandas Dulhani in Equity Shares (“Offered Shares”) of up to 35,01,000 of the face value of Rs. The equity shares include 3,50,100 equity shares held by Tusharar Dulhani and 3,50,100 equity shares held by Nikhil Dulhani (collectively “Promoter Group Selling Shareholders”).
The Equity Shares are being offered through the Company's Red Herring Prospectus (“RHP”) filed on August 6, 2024 with the Registrar of Companies, Maharashtra at Pune.
The Equity Shares offered through the Red Herring Prospectus are planned to be listed on the Stock Exchanges of both BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, BSE together with the “Stock Exchanges”). NSE will be the designated stock exchange for the purpose of this offer.
This offer is made in terms of Rule 19(2)(b) of SCRR read with Rule 31 of SEBI ICDR Regulations. The Offer is made through book building process and in compliance with Regulation 6(1) of SEBI ICDR Regulations subject to a maximum of 50 per cent of the Offer to Qualified Institutional Buyers (“QIBs” and such share “QIB Portion”) in terms of Regulation 32(1) of SEBI ICDR Regulations. will be made available for allotment on basis.
Further, 5 per cent of the QIB Portion will be made available for allotment on a pro rata basis only to Mutual Funds and the remaining portion of the QIB Portion will be made available for allotment on a pro rata basis to all QIB Bidders including Mutual Funds subject to valid bids received at or above the Offer Price. However, if the total demand from mutual funds is less than five per cent of the QIB portion, then every Rs. The remaining equity shares of face value of 10 will be added to the remaining QIB portion for proportionate allotment to QIB.
Further, a minimum of 15 per cent of the offer shall be reserved for allocation to non-institutional bidders out of which (a) one-third of such portion shall be Rs. 0.20 million and Rs. 1.00 million shall be reserved for applicants having application size and (b) two-thirds of such portion shall be Rs. 1.00 million will be reserved for applicants with an application size of more than 1.00 million, provided that the unsubscribed portion in any of these two sub-categories may be allotted to applicants in other sub-categories of non-institutional bidders and a minimum of 35 per cent of the offer to retail individual investors as per SEBI ICDR regulations. (“RII”) will be made available for allotment subject to valid bids received at or above the offer price.
All potential bidders must submit an application supported by Blocked Amount (“ASBA”) shall be mandatorily used and the relevant bank account details (including UPI ID for UPI Bidders using UPI Mechanism) (as mentioned herein) shall be provided in which the applicable bid amount shall be blocked by SCSB or Sponsor Banks to participate in the Offer. For further details study the “Offer Procedure” on page number 332 of the Red Herring Prospectus. Unistone Capital Private Limited is the Book Running Lead Manager (“BRLM”) of the Offer.
All capitalized terms used but not defined herein shall have the meaning ascribed to them in the RHP.
Disclaimer: “SARASWATI SAREE DEPOT LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the RHP with Registrar of Companies, Maharashtra at Pune. The RHP shall be available on the website of the SEBI at www.sebi.gov.inthe website of the BRLM to the Offer at www.unistonecapital.comthe website of the Company at www.saraswatisareedepot.com and websites of BSE and NSE ie www.bseindia.com and www.nseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see section titled “Risk Factors” beginning on page 41 of the RHP. Potential investors should not rely on the DRHP for making any investment decisions.
The Equity Shares offered in the Offer have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable US state securities laws. There will be no public offering in the United States and the securities being offered in this announcement are not being offered or sold in the United States.”
