Stove Kraft has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The public offer comprises a fresh issue of equity shares aggregating up to Rs 145 crore and an offer for sale of up to 71,63,721 equity shares. The shares of the company are proposed to be listed on NSE and BSE.
The company, which filed the draft red herring prospectus with the SEBI in February, got the regulator’s approval on April 30. The company proposes to utilise the net proceeds from the fresh issue towards repayment or pre-payment of certain borrowings availed by the firm and for other general corporate purposes. The book running lead managers to the issue are Edelweiss Financial Services and JM Financial.
Stove Kraft is engaged in the manufacture and retail of a wide and diverse suite of kitchen solutions under Pigeon and Gilma brands. It is a kitchen solutions and an emerging home solutions brand. The kitchen solutions comprise cookware and cooking appliances across brands, and home solutions comprise various household utilities, including consumer lighting.
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|---|---|
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