GNA Axles to hit capital markets to raise Rs 130 crore

GNA Axles is coming out with a 100% book building; initial public offering (IPO) of 6,300,000 shares of Rs 10 each in a price band Rs 205-207 per equity share. The issue will open for subscription on September 14, 2016 and will close on September 16, 2016. The shares will be listed on BSE as well as NSE.

The company will use the issue proceed for purchase of plant and machinery, meeting working capital requirements and general corporate purposes.

The book running lead managers to the issue are PNB Investment Services and Ambit, while the compliance officer for the issue is Gourav Jain.

The company is Punjab based manufacturers of rear axle shafts, other shafts and spindles used in on-highway and off-highway vehicular segments in India. The company mainly engaged in manufactures and sells auto components for the four-wheeler industry. GNA Axles made over 2.26 million components in 2016.