Gandhar Oil Refinery India has announced the opening of its initial public offering (IPO) on November 22, following the opening of its anchor book for a single day on Monday. The public offering consists of a fresh issue worth ₹302 crore and an offer-for-sale of 1.17 crore equity shares.
The company's promoters, Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh, are poised to sell 22.5 lakh shares each on November 24. This move is part of a broader divestment that will see shareholders Green Desert Real Estate Brokers, Denver Bldg Mat & Décor TR LLC, and Fleet Line Shipping Services LLC exit completely by offloading all their holdings.
Gandhar Oil, known for its Divyol brand products in the consumer and healthcare sectors in Maharashtra, plans to utilize the proceeds from the IPO in several strategic ways. A portion of the funds, amounting to ₹22.71 crore, will be directed towards repaying the debt of its subsidiary Texol. Additionally, the company has earmarked ₹27.73 crore for expansion activities at its Silvassa plant. A significant sum of ₹185 crore (INR100 crore = approx. USD12 million) is allocated to bolster working capital requirements, with the remaining amount reserved for other corporate purposes.
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