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Our Bureau

Mumbai, April 30 Gokul Refoils & Solvent Ltd, a company engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing, announced on Wednesday that it will be entering the market with an IPO of 71-lakhequity shares.

The issue will open on May 8 and close on May 13. The price band has been fixed between Rs 175 and Rs 195.

The net issue to the public comprises of 70 lakhshares and 75,000 shares have been reserved for the employees.

The issue will constitute 27.14 per cent of the fully-diluted post issue paid up equity share capital of the company. The company intends to raise Rs 139.59 crore at the cap price of the price band.

The capital raised from the issue would be utilised to set up a 1,500 tonnes per day soyabean processing plant in Gandhidham in Gujarat and also for the expansion of its existing edible oil refinery at Surat.

The proceeds will also be used to invest in its wholly-owned subsidiary in Singapore, increasing its warehousing capacities and also to fund its long-term working capital.

The book running lead managers to the issue are Anand Rathi Financial Services Ltd and Intensive Fiscal Services Private Ltd.

More Stories on : IPOs | Oilseeds & Edible Oil

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