Stock Market

IPO: GNA Axles raises Rs 38 cr from anchor investors

Chillicious BureauGNA Axles, the Jalandhar-based rear axle shafts manufacturer, has raised Rs 37.88 crore from three mutual fund houses under its anchor investors portion on Monday, the day before issue opening. 

“About 18.3 lakh equity shares have been subscribed by 3 anchor investors at Rs 207 per share (upper end of price band),” the company said in its filing to the exchange.  The company has allocated 4.83 lakh shares to Reliance Small Cap Fund, 3.8 lakh shares to 2 funds of UTI MF and the balance to 4 funds of HDFC Trustee Company. 

GNA Axles will open its Rs 130 crore public issue for subscription on September 14 with a price band of Rs 205-207 per share. 

The 63 lakh shares’ IPO comprises 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. 

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

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.