Gala Precision Engineering Raises Rs 50 Crore From Anchor Investors
The company will launch its initial public offering on Monday to raise up to Rs 167.9 crore.
Gala Precision Engineering Ltd. raised Rs 50.3 crore from anchor investors on Friday, ahead of its initial public offering. The company allotted 9.5 lakh shares at Rs 529 apiece to eight anchor investors.
Negen Undiscovered Value Fund got the highest allocation of 30.39%. Nav Capital VCC- Nav Capital Emerging Star Fund, Cognizant Capital Dynamic Opportunities Fund, India Emerging Giants Fund, Finavenue Capital Trust- Finaveneu Growth Fund, Chhattisgarh Investments Ltd, Gagandeep Credit Capital Pvt. and Resonance Opportunities Fund got 9.94% stake in the company.
The allocation for anchor investors was done in consultation with PL Capital Markets Pvt.
The company will launch its initial public offering on Monday to raise up to Rs 167.9 crore.
Gala Precision Engineering has set a price band of Rs 503–529 per share for its three-day IPO, which comprises a fresh issue of Rs 135.3 crore and an offer for sale of Rs 32.6 crore. The minimum application lot size is 28 shares.
The offer, which concludes on Wednesday, is set to list on the BSE and the National Stock Exchange.
The company intends to use the net proceeds for setting up a new facility and funding capital expenditure requirements towards the purchase of equipment, plants, and machinery at Wada, Palghar, Maharashtra. The company will also use part of the fun for repayment or prepayment, in full or in part, of certain borrowings availed by the company.
