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Kranti Industries announces launch of initial public offering

Share Source By

Dion Global

12 Feb 2019

Kranti Industries Ltd. has announced public offering of 2319000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 27.00 per share. The gross proceeds of the issue are expected to be Rs 858.03 lakhs.

The company's initial public offer (IPO) will open on 14 February 2019 and is expected to close on 20 February 2019, subject to customary closing conditions.

The IPO includes a fresh Issue of 2319000 Equity Shares of the Company at an price of Rs 37.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 3000 shares with bids in multiples of 3000.

Kranti Industries Ltd. anticipates using the proceeds of the issue for To reduce overall indebtedness of the Company by partial repayment of the outstanding Term Loan from HDFC Bank Limited, General Corporate Purposes, To Meet the Issue Expenses.

Fast Track Finsec Private Limited as lead manager & LINK INTIME INDIA PRIVATE LIMITED is the registrar, to the issue.