Gujarat Victory Forgings files draft papers with SEBI for IPO
Gujarat Victory Forgings has filed draft papers with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The proposed IPO comprises a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore equity shares by a promoter.
The company plans to utilise the proceeds from the fresh issue towards funding capital expenditure for the expansion of its existing Unit III at Vadodara, including increasing manufacturing capacity of copper cathodes, payment of debt and for general corporate purposes. Monarch Networth Capital and Nirbhay Capital Services are the book-running lead managers to the issue.
Gujarat Victory Forgings is engaged in the manufacturing of non-ferrous metal products through the processing and recycling of metal scrap.
