Gandhar Oil Refinery (India) has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 357 crore and an offer for sale (OFS) of 1.2 crore by promoters and existing shareholders.
Proceeds from the fresh issue component will be used for payment of debt and for purchase of equipment and civil work required for expansion in capacity of automotive oil at Silvassa plant. In addition, funds will be utilised for expansion in capacity of petroleum jelly and accompanying cosmetic product division at the company's Taloja plant as well expansion in capacity of white oils by installing blending tanks at the plant and funding working capital requirements. Edelweiss Financial Services and ICICI Securities have been appointed merchant bankers to manage the company's IPO.
Gandhar Oil Refinery is a leading manufacturer of white oils with a growing focus on the consumer and healthcare end-industries.
