New Delhi, March 31 Gujarat Victory Forgings Ltd has filed draft papers with the capital markets regulator, Sebi, to raise funds through an initial public offering (IPO).
The proposed IPO involves the issuance of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore equity shares by a promoter, according to the draft red herring prospectus (DRHP) filed on Monday.
Under the OFS, promoter Vijendrakumar Bishamber Gupta will offload shares.
The Vadodara-based company plans to use the proceeds from the fresh issue for capital expenditure for expanding its existing Unit III in Vadodara, including increasing the manufacturing capacity of copper cathodes, paying off debt, and for general corporate purposes.
Gujarat Victory Forgings is involved in the manufacturing of non-ferrous metal products through the processing and recycling of metal scrap.
Its product portfolio includes high-purity copper cathodes, copper tubes and pipes, copper rods, copper busbars, brass tubes, as well as copper-based master alloys used across sectors such as power infrastructure, automotive, construction, and renewable energy.
Monarch Networth Capital and Nirbhay Capital Services are the book-running lead managers for the issue.