The IPO includes a contemporary situation of shares value Rs 500 crore, and a proposal on the market of 1.57 crore shares by two promoters – Suresh Tyagi and Jimmy Tyagi – moreover Premji Make investments-owned PI Alternatives Fund I, and Kotak Particular Conditions Fund.
PI Alternatives Fund is an affiliate of Premji Make investments, which is the personal fairness and enterprise capital funding arm of the Premji Basis, in the end managed by Azim Premji.
Each promoters cumulatively maintain a 24.20% stake within the firm, assuming the conversion of compulsorily convertible debentures (CCDs) into fairness shares.
PI Alternatives Fund owns a 16.45% stake in Gold Plus Glass via compulsorily convertible choice shares (CCPS), whereas Kotak Particular Conditions Fund owns a 9.3% stake via CCDs.
Gold Plus Glass claims to be the second-largest float glass producer in India, with a 22% share of producing capability for float glass.As of September 30, it operated 3 fungible manufacturing traces, able to producing each clear glass and value-added glass, with an mixture capability of two,050 tonne per day throughout two areas at Roorkee in Uttarakhand and Belgaum in Karnataka.
Of the whole proceeds from the contemporary situation of shares, the corporate plans to utilise Rs 400 crore to repay excellent loans, and the remaining for normal company functions, based on its DRHP.
As of September 30, 2023, the combination excellent borrowings of the corporate have been Rs 1,390 crore.
“The reimbursement/ prepayment, will assist scale back our excellent indebtedness, help us in sustaining debt-equity ratio and allow utilisation of some further quantity from our
inner accruals for additional funding in enterprise progress and enlargement,” the corporate stated.
For the six months ended September, the corporate reported a income of Rs 834 crore and a revenue 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.
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