Gandhar Oil Refinery (India) Ltd., which gives white oil to Unilever and P&G to call a couple of, mentioned its ₹500-crore Initial Public Offering (IPO) will open on November 22 within the price band of ₹160 to ₹169 per fairness share. The supply will shut on November 24.
The IPO includes a recent situation aggregating as much as ₹302 crore and an Offer for Sale of as much as 11,756,910 fairness shares by the promoting shareholders amounting as much as ₹298 crore.
The firm intends to make use of the proceeds of the recent situation for funding in its unit Texol Lubritech, UAE by means of a mortgage for financing the reimbursement/pre-payment of a mortgage facility availed by Texol from the Bank of Baroda; capital expenditure by way of buy of apparatus and civil work required for growth in capability of automotive oil at the Silvassa Plant; funding working capital requirement and for basic company functions mentioned director Aslesh Parekh.
