GB Tools, the manufacturer and exporter of drop forge hand tools and allied forging products plans to raise Rs40 crore through an IPO for expanding its facility at Jalandhar
Mumbai: GB Tools & Forgings has filed documents with market regulator Securities and Exchange Board of India (SEBI) to raise about Rs40 crore through the initial public offering (IPO) route, reports PTI.
GB Tools & Forgings has filed a draft red herring prospectus (DRHP) to garner an aggregate of Rs40 crore through IPO, SEBI said.
The company said proceeds of the issue would be used for expansion and modernisation of its existing hand tool manufacturing facility at Jalandhar that needs Rs32.17 crore funds, and general corporate purpose. It also proposes to consider a pre-IPO placement of up to Rs10 crore with certain investors.
The company is engaged in the business of manufacturing and export of drop forge hand tools and allied forging products.
SPA Capital Advisors is acting as the book running lead managers to the proposed issue.
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