New Delhi, Nov 21 (PTI) Gandhar Oil Refinery (India) Ltd on Tuesday said it has raised a little over Rs 150 crore from anchor investors a day before its initial share-sale offering. The company has allotted 88.88 lakh equity shares to 16 funds at Rs 169 per piece, according to a circular uploaded on the BSE's website.
At this price, the firm raised Rs 150.20 crore. Among the investors that participated in the anchor book include Morgan Stanley Asia (Singapore) Pte, Copthall Mauritius Investment Ltd, Societe Generale, SBI General Insurance Company, Aditya Birla Sun Life Insurance Company, ICICI Prudential Mutual Fund (MF), HDFC MF, and WhiteOak MF.
The IPO comprises a fresh issue of equity shares worth Rs 302 crore and an Offer for Sale (OFS) of 1.17 crore shares by promoters and existing shareholders.
Those offering shares in the OFS include promoters -- Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh -- and other shareholders, Fleet Line Shipping Services LLC, Denver Bldg Mat & Décor TR LLC, and Green Desert Real Estate Brokers.
The maiden public issue, with a price band of Rs 160-169 per share, will open for subscription on November 22 and end on November 24. The company will fetch up to Rs 500.69 crore at the upper end of the price band. Proceeds from the fresh issue component will be used for payment of debt and for the purchase of equipment and civil work required for expansion in the capacity of automotive oil at the Silvassa plant.
In addition, the funds will be utilised for expansion in capacity of petroleum jelly and accompanying cosmetic product division at the company's Taloja plant as well as expansion in capacity of white oils by installing blending tanks at the plant and funding working capital requirements.
Gandhar Oil Refinery is a leading manufacturer of white oils with a growing focus on the consumer and healthcare end industries.
Nuvama Wealth Management (formerly known as Edelweiss Securities) and ICICI Securities are the book-running lead managers to the IPO. PTI SP TRB