Breaking News: The Gandhar Oil Refinery India Limited is now completely set to open the Initial Public offering (IPO). Gnadhar Oil IPO is going to open on 22nd November 2023. It is going to open on 22 November and it is going remain open till 24th November 2023 as per the three-day Initial Public Offering rule. It has been claimed that the anchor book of this offer is going to open just for 1 day, it is going to open on 21st November 2023, as per the Red herring prospectus (RHP). This is going to be the third maiden public issue which is going to open in the next week of this month after Tata Technologies and the Indian Renewable Energy Development Agency.
According to the market source, the Initial Public Offering has comprised a completely new issue of equity shares which are worth a of total Rs. 302 crore and the Offer for Sale (OFS) of Rs. 1.17 crore by the shareholders and promoters who are excited right now. The expected amount of the funds which are raised by the OFS component is Rs. 500 crore. The promoters who are offering the shares in the OFS are Kailash Parekh, Ramesh Babulal Parekh, and Gulab Parekh and the shareholders include Denver Bldg Mat & Decor TR LLC, Green Desert Real Estate Brokers, and Fleet Line Shipping Services LLC.
The price band of Gandhar oil has been set at around Rs. 160 to 169 per share and the lot size is 88 shares and multiple of 88 thereafter. It has been claimed that the proceeds from the complete new issue component are going to be used for the payment of debt and also to buy the equipment and civil work that is initially required for the expansion in the capacity of the automotive oil at the Silvassa plant.
It has been reported that the funds are going to be utilized in the expansion of the capacity of the petroleum jelly and also to accompany the cosmetic product division in the company Taloja plant as the capacity is also going to of the white oils as the blending tanks are going to be installed in the plant and the funding working the capital. requirements. At this time the Gandhar Oil Refinery India Limited is officially leading the manufacturer of white oils as there is a focus on the healthcare ed industries and also there is a focus on customers.