The Jalandhar-based auto company, rear axle shafts manufacturer, GNA Axles, has raised Rs 37.88 crore from three mutual fund houses under its anchor investor’s fraction on Monday, the day before the opening of the issue.
About 18.3 lakh equity shares have been subscribed by three anchor investors at Rs 207 per share, i.e. the upper end of price band. The company has assigned 4.83 lakh shares to Reliance Small Cap Fund, 3.8 lakh shares to two funds of UTI MF and the remaining to four funds of HDFC Trustee Company. GNA Axles will open its Rs 130 crore public issue for subscription on today on September 14 with a price band of Rs 205-207 per share. The 63 lakh shares' IPO constitutes of net public issue of up to 61 lakh shares and employee reservation portion of up to 2 lakh shares.
Bids can be made for minimum 70 equity shares and in multiples of 70 shares afterward. The issue will close on September 16. The company intends to use the net issue proceeds for purchase of plant & machinery; working capital requirements; and general corporate purposes. Equity shares are planned to be listed on NSE and BSE. PNB Investment Services and Ambit Private Limited are the book running lead managers to the issue while the registrar is Link Intime India Private Limited.
To know more information about GNA Alexs, read GNA Axles to Make the Debut In D-Street
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