The IPO includes a recent situation of shares price Rs 500 crore, and a suggestion on the market of 1.57 crore shares by two promoters – Suresh Tyagi and Jimmy Tyagi – apart from 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, finally 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 by way of compulsorily convertible choice shares (CCPS), whereas Kotak Particular Conditions Fund owns a 9.3% stake by way of 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 places at Roorkee in Uttarakhand and Belgaum in Karnataka.
Of the overall proceeds from the recent situation of shares, the corporate plans to utilise Rs 400 crore to repay excellent loans, and the remaining for common company functions, in accordance with its DRHP.
As of September 30, 2023, the combination excellent borrowings of the corporate had been Rs 1,390 crore.
“The compensation/ prepayment, will assist scale back our excellent indebtedness, help us in sustaining debt-equity ratio and allow utilisation of some extra quantity from our
inside accruals for additional funding in enterprise development and enlargement,” the corporate mentioned.
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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