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Gandhar Oil Refinery IPO: Maharashtra-based company Gandhar Oil Refinery India Limited’s initial public offering (IPO) will open on November 22 and close on November 24. In this IPO, Rs. 302 crore of new equity shares will be issued. Besides, 1.17 crore shares held by promoters and existing shareholders will also be offered for sale (OFS). The premium of this IPO in the gray market is Rs 50. However, the issue price has not been announced yet.
What is the plan: According to market sources, OFS has raised around Rs. 500 crore is expected to be collected. Proceeds from the sale of new shares will be used to repay loans and purchase new equipment for the Silvassa plant. Bids will be invited from anchor investors on November 21, a day before the IPO opens. ICICI Securities and Nuwama Wealth Management are the merchant bankers of the issue.
Let us tell you that Gandhar Oil Refinery is the main producer of white oil. Gandhara Oil mainly sells products under the brand name Divyol. The company has long-term relationships with many local and global clients including Procter & Gamble, Unilever, Marico, Dabur, Ncube, Patanjali Ayurved, Bajaj Consumer Care, Emami and Amritanjan Healthcare.