Premji Invest-backed Gold Plus Glass files DRHP for IPO; fresh issue size Rs 500 crore

0

New Delhi-based Gold Plus Glass Industry, which is backed by Premji Invest’s private equity fund, has filed draft papers with the Securities and Exchange Board of India (Sebi) to launch an initial public offering of shares.

The IPO comprises a fresh issue of shares worth Rs 500 crore, and an offer for sale of 1.57 crore shares by two promoters – Suresh Tyagi and Jimmy Tyagi – besides Premji Invest-owned PI Opportunities Fund I, and Kotak Special Situations Fund.

PI Opportunities Fund is an affiliate of Premji Invest, which is the private equity and venture capital investment arm of the Premji Foundation, ultimately controlled by Azim Premji.

Both promoters cumulatively hold a 24.20% stake in the company, assuming the conversion of compulsorily convertible debentures (CCDs) into equity shares.

PI Opportunities Fund owns a 16.45% stake in Gold Plus Glass through compulsorily convertible preference shares (CCPS), while Kotak Special Situations Fund owns a 9.3% stake through CCDs.

Gold Plus Glass claims to be the second-largest float glass manufacturer in India, with a 22% share of manufacturing capacity for float glass.As of September 30, it operated 3 fungible production lines, capable of producing both clear glass and value-added glass, with an aggregate capacity of 2,050 tonne per day across two locations at Roorkee in Uttarakhand and Belgaum in Karnataka.

Of the total proceeds from the fresh issue of shares, the company plans to utilise Rs 400 crore to repay outstanding loans, and the remaining for general corporate purposes, according to its DRHP.

As of September 30, 2023, the aggregate outstanding borrowings of the company were Rs 1,390 crore.

“The repayment/ prepayment, will help reduce our outstanding indebtedness, assist us in maintaining debt-equity ratio and enable utilisation of some additional amount from our

internal accruals for further investment in business growth and expansion,” the company said.

For the six months ended September, the company reported a revenue of Rs 834 crore and a profit of Rs 42.5 crore.

IIFL Securities, Kotak Mahindra Capital, Axis Capital, and SBI Capital Markets are the book-running lead managers to the IPO.

(You can now subscribe to our ETMarkets WhatsApp channel)

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Read original article here

Denial of responsibility! Verve Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment
Hello,