₹500 crore, alongside a secondary offering of 1.57 crore shares by two promoters – namely, Suresh Tyagi and Jimmy Tyagi – in addition to shares from Premji Invest-owned PI Opportunities Fund I and Kotak Special Situations Fund. Also read: Vibhor Steel Tubes raises ₹21 crore from anchor investors ahead of IPO PI Opportunities Fund, an affiliate of Premji Invest, serves as the private equity and venture capital investment branch of the Premji Foundation, overseen by Azim Premji.
Together, these promoters collectively hold a 24.20 percent stake in the company, factoring in the conversion of compulsorily convertible debentures (CCDs) into equity shares. PI Opportunities Fund possesses a 16.45 percent stake in Gold Plus Glass via compulsorily convertible preference shares (CCPS), while Kotak Special Situations Fund holds a 9.3 percent stake through CCDs.
Gold Plus Glass claims to be as the second-largest float glass manufacturer in India, boasting a 22 percent share of manufacturing capacity for float glass. "The repayment/ prepayment, will help reduce our outstanding indebtedness, assist us in maintaining debt-equity ratio and enable utilisation of some additional amount from our internal accruals for further investment in business growth and expansion," the company said.
As of September 30, the company operated three interchangeable production lines, capable of producing both clear glass and value-added glass, with a combined capacity of 2,050 tonnes per day across two locations: Roorkee in Uttarakhand and Belgaum in Karnataka. From the total proceeds generated from the fresh issue of shares, the company plans to allocate ₹400 crore towards repaying outstanding loans, with the remainder earmarked for general corporate. Read more on livemint.com