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Last Updated : Sep 14, 2016 12:19 PM IST | Source: Moneycontrol.com

GNA Axles Rs 130-cr IPO opens for subscription

The Jalandhar-based company aims to raise maximum Rs 130 crore through public issue. Of which, it already raised Rs 37.88 crore from three mutual fund houses under its anchor investors portion on September 12.

 
 
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Moneycontrol Bureau


Rear axle shafts manufacturer GNA Axles has opened its 63 lakh shares public issue for subscription today with a price band of Rs 205-207 per share.


The Jalandhar-based company aims to raise maximum Rs 130 crore through public issue. Of which, it already raised Rs 37.88 crore from three mutual fund houses under its anchor investors portion on September 12.

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It issued 18.3 lakh equity shares at Rs 207 per share to 3 anchor investors Reliance Small Cap Fund, UTI MF and HDFC Trustee Company.


The company intends to utilise the net issue proceeds for purchase of plant & machinery; working capital requirements; and general corporate purposes.


The issue, which will close on September 16, comprised 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 thereafter. The issue will close on September 16.


Equity shares are proposed 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.



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First Published on Sep 14, 2016 09:47 am
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