GNA Axles plans IPO, files DRHP

Punjab-based GNA Axles Limited filed its Draft Red Herring Prospectus with the stock market regulator SEBI seeking permission for its Initial Public Offer (IPO).

The IPO consists of up to 6,300,000 equity shares with a face value of Rs 10 each at a price to be decided later, comprising of a net issue to the public of 6,100,000 Equity Shares and a reservation of 200,000 Equity Shares for subscription by Eligible Employees.

The issue will constitute 29.35% of the post-issue paid-up capital of the Company and the net issue will constitute 28.42% of the post-issue paid-up capital of the Company.

The Net Proceeds from the Issue will be utilised for the purchase of plant and machinery, to meet the working capital requirements and for general corporate purposes. The Company proposes to utilise Rs. 800.73 million towards purchase of plant and machinery and Rs. 350.00 million towards meeting working capital requirements.

The promoters of the company are Mr. Jasvinder Singh Seehra, Mr. Ranbir Singh and Mr. Gurdeep Singh.

PNB Investment Services Limited and Ambit Corporate Finance Private Limited are the Book Running Lead Managers and Link Intime India Private Limited is the Registrar to the issue. The shares will be listed on the NSE and BSE.

Source : Equity Bulls

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