Bangalore: Gravita India, a lead metal manufacturer is all set to go public and has been subscribed 1.14 times, as of now. Gravita aims to raise Rs. 43.2-45 crore at a price band of Rs 120-125 a share. The issue will close on 3rd November and has received bids for Rs. 41.17 lakh equity shares as against Rs. 36 lakh shares on offer.
Alongwith the retail investors and employees' portion which got fully subscribed, a reserved portion of qualified institutional investors has got fully subscribed too. The company has planned to utilize this amount for establishing an additional manufacturing facilities at Jaipur and new facility at Wada, Maharashtra. It will also use the proceeds for investment in overseas ventures at Sri Lanka - Navam Lanka Limited, Senegal - Pagrik Senegal SA and Honduras - Gravita Honduras SA.
A part of the proceeds will be used for setting up manufacturing facilities at Australia, Belarus, Chile and Mexico.
Alongwith the retail investors and employees' portion which got fully subscribed, a reserved portion of qualified institutional investors has got fully subscribed too. The company has planned to utilize this amount for establishing an additional manufacturing facilities at Jaipur and new facility at Wada, Maharashtra. It will also use the proceeds for investment in overseas ventures at Sri Lanka - Navam Lanka Limited, Senegal - Pagrik Senegal SA and Honduras - Gravita Honduras SA.
A part of the proceeds will be used for setting up manufacturing facilities at Australia, Belarus, Chile and Mexico.
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