the BSE SME Grants Approval to Seemax Resources Ltd. for IPO Launch
In a significant development, Seemax Resources Ltd. has received the go-ahead from the the BSE SME to mobilize funds through its Initial Public Offer (IPO).
Obtaining SEBI’s observation letter officially signals the green light to proceed with the public issue. According to the Draft Red Herring Prospectus (DRHP).Breakdown of the Proposed IPO:
This IPO consists solely of fresh issue of 0.14 crore equity shares worth ₹19.74 crores.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding Capital Expenditure towards Purchase of Material Handling Equipment | 10.00 |
| 2 | Funding towards Repayment or prepayment, in full or in part, of borrowings availed by Company from banks and financial institutions | 1.50 |
| 3 | Funding the long-term working capital requirements of the Company | 3.25 |
| 4 | General Corporate Purposes | |
| Total | 14.75 |
