Gujarat Victory Forgings has secured Securities and Exchange Board of India’s (Sebi) approval to raise funds through initial public offering (IPO). The company’s IPO comprises a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore equity shares by a promoter. Together, the offer could comprise up to 1.97 crore shares. The shares of the company are proposed to be listed on the BSE and the National Stock Exchange.
The company plans to utilise the proceeds from the fresh issue towards funding capital expenditure for expansion of its existing Unit III at Vadodara, including increasing manufacturing capacity of copper cathodes, payment of debt and for general corporate purposes. Monarch Networth Capital and Nirbhay Capital Services are the book-running lead managers to the issue.
Gujarat Victory Forgings is engaged in the manufacturing of non-ferrous metal products through the processing and recycling of metal scrap.
