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Gandhar Oil Refinery IPO: Gandhar Oil Refinery (India) Ltd fastened the value band for its Rs 500.69-crore Preliminary Public Providing (IPO) at Rs 160-169 per share. The maiden public problem will open for subscription on November 22 and finish on November 24, the corporate stated.
The anchor ebook of the provide will likely be opened for a day on November 21. Traders can bid for no less than 88 fairness shares and in multiples of 88 thereafter.
This would be the third maiden public problem opening subsequent week, after Indian Renewable Power Improvement Company and Tata Applied sciences.
The IPO includes a contemporary problem of fairness shares value Rs 302 crore and an Provide for Sale (OFS) of 1.17 crore by promoters and current shareholders.
These providing shares within the OFS embody promoters — Ramesh Babulal Parekh, Kailash Parekh and Gulab Parekh — and different shareholders, Fleet Line Delivery Providers LLC, Denver Bldg Mat & Décor TR LLC, and Inexperienced Desert Actual Property Brokers.
The corporate will fetch as much as Rs 500.69 crore on the higher finish of the value band.
Proceeds from the contemporary problem part will likely be used for cost of debt and for the acquisition of kit and civil work required for enlargement within the capability of automotive oil on the Silvassa plant.
As well as, the funds will likely be utilised for enlargement in capability of petroleum jelly and accompanying beauty product division on the firm’s Taloja plant in addition to enlargement in capability of white oils by putting in mixing tanks on the plant and funding working capital necessities.
Gandhar Oil Refinery is a number one producer of white oils with a rising give attention to the buyer and healthcare finish industries.
Nuvama Wealth Administration (previously generally known as Edelweiss Securities) and ICICI Securities are the book-running lead managers to the IPO.
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