NEW DELHII: Gokul Refoils and Solvent Ltd, a Gujarat-based solvent extractor and edible oil refining firm, today said it will hit the capital market to raise about Rs 140 crore through an IPO on May 8.
The company would offer 71,58,392 equity shares of Rs 10 each for cash in the initial public offer in a price band of Rs 175-195 per share. The IPO would close on May 13, the company said in a statement.
The net issue to the public comprises of 70, 83,392 shares and 75,000 shares have been reserved for employees.
The issue would constitute 27.14 per cent of the fully diluted post issue paid up equity share capital of the firm.
"The company intends to raise Rs 139.59 crore at the cap price of the price band," it said, adding the capital raised from the issue would be deployed to set up a new 1,500 TPD soyabean processing plant.
The funds would also be used for expansion of its existing edible oil refinery at Surat, investment in its wholly-owned Singapore based subsidiary, funding part of its long term working capital, investment in increasing warehousing capacities and ongoing capex for existing units ,
ICRA has assigned an ICRA IPO Grade "3/5" rating to the proposed initial public offering of the company. The Book Running Lead Managers to the issue are Anand Rathi Financial Services and Intensive Fiscal Services.
Gokul Refoils And Solvent was incorporated in 1992 and is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing.
The company would offer 71,58,392 equity shares of Rs 10 each for cash in the initial public offer in a price band of Rs 175-195 per share. The IPO would close on May 13, the company said in a statement.
The net issue to the public comprises of 70, 83,392 shares and 75,000 shares have been reserved for employees.
The issue would constitute 27.14 per cent of the fully diluted post issue paid up equity share capital of the firm.
"The company intends to raise Rs 139.59 crore at the cap price of the price band," it said, adding the capital raised from the issue would be deployed to set up a new 1,500 TPD soyabean processing plant.
The funds would also be used for expansion of its existing edible oil refinery at Surat, investment in its wholly-owned Singapore based subsidiary, funding part of its long term working capital, investment in increasing warehousing capacities and ongoing capex for existing units ,
ICRA has assigned an ICRA IPO Grade "3/5" rating to the proposed initial public offering of the company. The Book Running Lead Managers to the issue are Anand Rathi Financial Services and Intensive Fiscal Services.
Gokul Refoils And Solvent was incorporated in 1992 and is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing.
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