GANDHAR OIL REFINERY (INDIA) LIMITED ANNOUNCED ITS INITIAL PUBLIC OFFERING (IPO) TO OPEN ON WEDNESDAY, NOVEMBER 22, 2023 Sets Price Band fixed at ₹160 per equity share to ₹169 per Equity Share of face value of ₹2 each

Mumbai, 17th November 2023 (GNI): (L-R) Mr. Shouvik Purkayastha (Managing Director & Head – Infrastructure & Real Estate, Nuvama Wealth Management Limited), Ms. Neetu Ranka (Executive Director & Co-Head – ECM, Corporate Finance, Nuvama Wealth Management Limited), Mr. Indrajit Bhattacharyya (Chief Financial Officer, Gandhar Oil Refinery (India) Limited), Mr. Samir Ramesh Parekh (Vice Chairperson and Joint Managing Director, Gandhar Oil Refinery (India) Limited), Mr. Ramesh Babulal Parekh (Chairperson and Managing Director, Gandhar Oil Refinery (India) Limited), Mr. Aslesh Ramesh Parekh (Joint Managing Director, Gandhar Oil Refinery (India) Limited) and an Mr. Santosh Verma (Executive Vice President, ICICI Securities Limited) addressing the gathering at the press conference in connection to their Initial Public Offer in Mumbai – photo by Sumant Gajinkar GNI

Mumbai, (L-R) Mr. Samir Ramesh Parekh (Vice Chairperson and Joint Managing Director, Gandhar Oil Refinery (India) Limited), Mr. Ramesh Babulal Parekh (Chairperson and Managing Director, Gandhar Oil Refinery (India) Limited) and Mr. Aslesh Ramesh Parekh (Joint Managing Director, Gandhar Oil Refinery (India) Limited) addressing the gathering at the press conference in connection to their Initial Public Offer in Mumbai – photo by Sumant Gajinkar GNI

GANDHAR OIL REFINERY (INDIA) LIMITED ANNOUNCED ITS INITIAL PUBLIC OFFERING (IPO) TO OPEN ON WEDNESDAY, NOVEMBER 22, 2023 

·  Price Band fixed at ₹160 per equity share to ₹169 per Equity Share of face value of ₹2 each of Gandhar Oil Refinery (India) Limited (“Equity Shares”) 

·  Anchor Investor Bid/ Offer Period– Tuesday, November 21, 2023 

·  Bid /Offer Opening Date – Wednesday, November 22, 2023 and Bid/ Offer Closing Date – Friday, November 24, 2023 

·  Bids can be made for a minimum of 14,872 Equity Shares and in multiples of 88 Equity Shares thereafter 

·  The Floor Price is 80.00 times and the Cap Price is 84.50 times the face value of the equity shares.

 
Mumbai, November 17, 2023 (GNI): Gandhar Oil Refinery (India) Limited (the “Company”) proposes to open its initial public offering (“Offer”) on Wednesday, November 22, 2023. Bid/ Offer Closing Date will be Friday, November 24, 2023. Anchor Investor Bid/ Offer Period is one Working Day prior to Bid/Offer Opening Date, that is, Tuesday, November 21, 2023. 

The Price Band of the Offer has been fixed from ₹160 per Equity Share to ₹169 per Equity Share. Bids can be made for a minimum of 14,872 Equity Shares and in multiples of 88 Equity Shares thereafter.  

The initial public offering comprises a Fresh Issue aggregating up to ₹3,020 million and an Offer for Sale of up to 11,756,910 Equity Shares by the Selling Shareholders (as defined below) comprising of up to 2,250,000 Equity Shares by Mr. Ramesh Babulal Parekh (the “Promoter Selling Shareholder”), up to 2,250,000 Equity Shares by Mr. Kailash Parekh, Up to 2,250,000 Equity Shares by Ms. Gulab Parekh (Mr. Kailash Parekh and Ms. Gulab Parekh are together referred to as the “Promoter Group Selling Shareholders”), Up to 3,000,000 Equity Shares by Green Desert Real Estate Brokers, up to 1,000,000 Equity Shares by Denver Bldg Mat & Décor TR LLC, up to 1,000,000 Equity Shares by Fleet Line Shipping Services LLC, up to 1,970 equity shares by Mr. Sunith Menon, up to 1,970 equity shares by Mr. Vijendra Sumatilal Patani, up to 1,970 equity shares by Mr. Vinay Prabhakar Ulpe, and up to 1,000 equity shares by Mr. Mayur Bhupendralal Desai. (Green Desert Real Estate Brokers, Denver Bldg Mat & Décor TR LLC, Fleet Line Shipping Services LLC, Mr. Sunith Menon, Mr. Vijendra Sumatilal Patani, Mr. Vinay Prabhakar Ulpe and Mr. Mayur Bhupendralal Desai, collectively referred to as the “Other Selling Shareholders”) (the Promoter Selling Shareholder, Promoter Group Selling Shareholders and Other Selling Shareholders, collectively referred to as the “Selling Shareholders” and such Equity Shares offered by the Selling Shareholders, the “Offered Shares”).  

The Company intends to use the proceeds of the Fresh Issue for (i) investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda; (ii) capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at the Company’s Silvassa Plant; (iii) funding the Company’s working capital requirement; (iv) and general corporate purposes.

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”), provided that the Company may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”). In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the remaining QIB Portion (“Net QIB Portion”).

Further, 5% of the Net QIB Portion (excluding Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders in accordance with the SEBI ICDR Regulations, out of which (a) one third of such portion shall be reserved for Bidders with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-thirds of such portion shall be reserved for Bidders with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in the other sub-category of Non-Institutional Bidders; and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Bidders (except Anchor Investors) are mandatorily required to utilize the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders using the UPI Mechanism, as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA Process.

The Equity Shares offered through Red Herring Prospectus are proposed to be listed on both BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”). 

Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and ICICI Securities Limited are the Book Running Lead Managers.

All capitalised terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.

The RHP is available on the website of the SEBI at www.sebi.gov.in, the websites of the Stock Exchanges, i.e., BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, the website of the Company at – https://gandharoil.com/investor-relations/ipo-offer-documents/and on the websites of the Book Running Lead Managers , i.e. Nuvama Wealth Management Limited and ICICI Securities Limited at www.nuvama.com and www.icicisecurities.com, respectively.ends GNI