Gujarat Victory Forgings files draft papers with Sebi for IPO

New Delhi, Mar 31 (PTI) Gujarat Victory Forgings Ltd has filed draft papers with the capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore equity shares by a promoter, according to the draft red herring prospectus (DRHP) filed on Monday.

Under the OFS, promoter Vijendrakumar Bishamber Gupta will offload shares.

The Vadodara-based company plans to utilise the proceeds from the fresh issue towards funding capital expenditure for the expansion of its existing Unit III at Vadodara, including increasing manufacturing capacity of copper cathodes, payment of debt and for general corporate purposes.

Gujarat Victory Forgings is engaged in the manufacturing of non-ferrous metal products through the processing and recycling of metal scrap.

Its product portfolio includes high-purity copper cathodes, copper tubes and pipes, copper rods, copper busbars, brass tubes, as well as copper-based master alloys used across sectors such as power infrastructure, automotive, construction and renewable energy.

Monarch Networth Capital and Nirbhay Capital Services are the book-running lead managers to the issue. PTI SP HVA