Gold Plus Glass Industry Limited has filed preliminary documents with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
According to the IPO documents, the float glass manufacturer will issue new shares worth up to Rs 500 crore under the IPO. Apart from this, an offer for sale (OFS) of 1.56 crore shares will also be brought by the promoter and investor shareholders.
Those who sold shares in the OFS include Suresh Tyagi, Jimmy Tyagi, PI Opportunities Fund-A and Kotak Special Situations Fund. This Delhi-based company may also consider pre-IPO placement of Rs 100 crore. If this happens the size of the issue will reduce.
The company will use Rs 400 crore from the IPO proceeds to repay the loan. A part of it will be used for general company functioning. Gold Plus is one of the leading float glass manufacturers in the country. Its share in manufacturing capacity was 22 percent by September 2023.
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