Gandhar Oil Refinery (India) Ltd, has allotted 88,88,018 Equity Shares to 16 anchor investors and raised ₹ 150 crore ahead of company’s proposed IPO at the upper price band of ₹ 169 per equity share (including premium of ₹ 167 per equity shares) with face value of ₹ 2 per share. The anchor book saw participation from a wide variety of marquee investors, including ICICI Prudential, HDFC MF, White Oak Capital, Ashoka India Equity Investment Trust, Turnaround Opportunities Fund, Aditya Birla Sun Life Insurance, Ananta Capital Ventures, SBI General Insurance, LC Pharos, Morgan Stanley Asia (Singapore), Societe Generale and Copthall Mauritius Investment Limited.
Out of the total allocation of 88, 88, 018 Equity shares to the Anchor Investors, 42, 28,576 Equity shares (i.e. 47.58% of the total allocation to the Anchor Investors) were allocated to 3 (Three) domestic mutual funds that have applied through a total 7 (Seven) schemes.
The initial public offering comprises a Fresh Issue aggregating up to ₹3,020 million and an Offer for Sale of up to 11,756,910 Equity Shares by the Selling Shareholders comprising of up to 2,250,000 Equity Shares by Mr. Ramesh Babulal Parekh, up to 2,250,000 Equity Shares by Mr. Kailash Parekh, up to 2,250,000 Equity Shares by Ms. Gulab Parekh, up to 3,000,000 Equity Shares by Green Desert Real Estate Brokers, up to 1,000,000 Equity Shares by Denver Bldg Mat & Décor TR LLC, up to 1,000,000 Equity Shares by Fleet Line Shipping Services LLC, up to 1,970 equity shares by Mr. Sunith Menon, up to 1,970 equity shares by Mr. Vijendra Sumatilal Patani, up to 1,970 equity shares by Mr. Vinay Prabhakar Ulpe, and up to 1,000 equity shares by Mr. Mayur Bhupendralal Desai.
The Company intends to use the proceeds of the Fresh Issue for the investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda; for capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at the Company’s Silvassa Plant; for the funding the Company’s working capital requirement and for general corporate purposes.
Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and ICICI Securities Limited are the Book Running Lead Managers.
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