Gandhar Oil Refinery IPO Oversubscribed 64 Times

New Delhi, Nov 24 (PTI) The initial share sale of Gandhar Oil Refinery (India) received 64.07 times subscription on the final day of bidding on Friday.

The Rs 500.69 crore initial public offering (IPO) got bid for 1,36,09,99,464 shares against 2,12,43,940 shares on offer, as per data available with the NSE.

The category for qualified institutional buyers (QIBs) attracted 129 times subscription, while the portion meant for non institutional investors subscribed 62.23 times. The part for retail individual investors (RIIs) received 28.95 times subscription.

The IPO was a fresh issue of up to Rs 302 crore and an offer for sale of up to 1,17,56,910 equity shares. The price band for the IPO was Rs 160-169 a share.

Gandhar Oil Refinery (India) on Tuesday has raised a little over Rs 150 crore from anchor investors.

Those who offered shares in the OFS include promoters -- Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh -- and other shareholders -- Fleet Line Shipping Services LLC, Denver Bldg Mat & Decor TR LLC, and Green Desert Real Estate Brokers.

Proceeds from the fresh issue component will be used for payment of debt, purchase of equipment and for civil work required for expansion in the capacity of automotive oil at the Silvassa plant.

In addition, the funds will be used for expanding capacity of petroleum jelly and accompanying cosmetic product division at the company's Taloja plant as well as expansion in capacity of white oils by installing blending tanks at the plant. Proceeds will also be used for funding working capital requirements.

Nuvama Wealth Management (formerly known as Edelweiss Securities) and ICICI Securities were the managers to the offer.