The Punjab-based GNA Axles Ltd. has sought SEBI permission for its proposed initial public offer (IPO) of upto 6,300,000 equity shares with a face value of Rs. 10 each at a price to be decided later. It comprises a net issue to the public of 6,100,000 equity shares and a reservation of 2,00,000 equity shares for subscription by eligible employees.
The issue will constitute 29.35 per cent of the post-issue paid-up capital of the company, while the net issue will constitute 28.42 per cent. The company proposes to utilise Rs. 800.73 million towards purchase of plant and machinery and Rs. 350 million towards meeting working capital requirements.
Mr. Jasvinder Singh Seehra, Mr. Ranbir Singh and Mr. Gurdeep Singh are the promoters of GNA Axles.