Gokul Refoils to raise Rs 139.59 cr through IPO

New Delhi, Apr 30 (UNI) Gujarat-based Gokul Refoils And Solvent Ltd today said it will raise Rs 139.59 crore for expansion purposes through Initial Public Offering (IPO) of 71,58,392 equity shares of Rs 10 each, which will hit market on May 8.

''The issue will be opened through 100 per cent book building process on May 8 and closed on May 13. The net issue to the public comprises of 70,83,392 equity shares and 75,000 equity shares have been reserved for the employees,'' the company said.

The capital raised from the issue will be utilised to set up a new 1500 TPD Soyabean processing plant near Gandhidham, expand its existing edible oil refinery at Surat from 100 TPD to 400 TPD, invest in its wholly-owned Singapore-based subsidiary, fund part of its long term working capital, invest in increasing warehousing capacities and ongoing capex for existing units.

The company engaged in the business of solvent extraction and refining of edible oils and vanaspati manufacturing has standalone net profit increasing at a CAGR of 41.16 per cent over the last five financial years.

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