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GB Tools & Forgings files DRHP with SEBI

12 Sep 2012 Evaluate

GB Tools & Forgings has filed a Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise an aggregate of Rs 40 crore through initial public offering (IPO). The book running lead manager to the proposed issue is SPA Capital Advisors with the registrar being Beetal Financial & Computer Services.

The proceeds of the issue will be used for expansion and modernization of its existing hand tool manufacturing facility at Jalandhar that needs Rs 32.17 crore funds, and for general corporate purpose. Further, the company is also mulling a pre-IPO placement of up to Rs 10 crore with certain investors.

Earlier known as Ambika Forgings, GB Tools & Forgings was established in 1977. The company is in the business of manufacturing and export of drop forge hand tools and allied forging products. The company exports to more than 50 countries including US, Germany and Middle East, etc.

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