The auto component company's Rs 500 crore initial public offering (IPO) will open on September 9. The closing of the IPO will be on September 11. At the same time, anchor investors will be able to bid for the shares on September 6. The Jamshedpur-based company's IPO at Rs. 250 crore worth of fresh issue of equity shares and Rs. Includes offer for sale by promoters worth up to Rs 250 crore.
The company will use the funds raised from the IPO for purchase of machinery and equipment, repayment of loans and working capital requirements. Additionally, a portion will be spent on general company operations.
In existence in the year 1991, Such Cross is active in different business sectors. It manufactures trailer axle and suspension assemblies as well as meshes and precision machine safety devices for medium and heavy commercial vehicles and agricultural equipment.
The promoter of the company is Chairman and MD Sudhir Rai. Apart from this, Anita Rai and Sumit Rai are full time directors. The Chief Financial Officer is Kunal Rai. Let us tell you that till FY23 the income from operations of the company was Rs 489 crore and the profit after tax was Rs 31 crore.
Talking about the clients of Cross Limited, Ashok Leyland and Tata International DLT Pvt. This company supplies its products to a diverse customer base.
These include major original equipment manufacturers (OEMs) manufacturing M&HCV and tractors, tier one suppliers to OEMs in the M&HCV segment, local dealers and fabricators for its trailer axles and suspension business. It has also attracted new customers. Its new customers include Sweden-based company Lex Fallon AB and a Japanese company.
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