New Delhi: Zinc oxide manufacturer JG Chemicals on Thursday fixed a price band of Rs210-221 apiece for its Rs251-crore Initial Public Offering (IPO). The initial share sale will open for public subscription during March 5-7 and the bidding for anchor investors will open for a day on March 4, the company said.
The Rs251.2-crore IPO comprises a fresh issue of equity shares worth up to Rs165 crore and an Offer For Sale (OFS) of 39 lakh equity shares aggregating to Rs86.2 crore, at the upper end of the price band, by the promoter group. As part of the OFS, Vision Projects & Finvest Pvt Ltd, Suresh Kumar Jhunjhunwala (HUF), Anirudh Jhunjhunwala (HUF) and Jayanti Commercial Ltd will offload equity shares.
Proceeds from the fresh issue to the tune of Rs91 crore will be utilised for investing in JG Chemicals’ material subsidiary BDJ Oxides and Rs 35 crore will be used for funding the long-term working capital requirements of the company, besides, a portion will be used for general corporate purposes.
