Gold Plus Glass Industry files draft papers with Sebi to raise ₹400 crore via IPO

Gold Plus Glass Industry Ltd, a prominent manufacturer of float glass, has submitted preliminary papers to the Securities and Exchange Board of India (SEBI) to initiate fundraising via an initial public offering (l PO). According to the draft red herring prospectus (DRH P) filed on Saturday, the IPO includes a fresh issue of equity shares worth up to UOO crore and an offer-for-sale (OFS) of up to 1.56 crore shares by promoters and investor shareholders. The individuals and entities participating in the OFS include Suresh Tyagi, Jimmy Tyagi, Pl Opportunities Fund-I, and Kotak Special Situations Fund. Additionally, the Delhi-based company is contemplating raising < 100 crore through a pre-IPO placement, which would result in a reduction of the issue size if executed. Out of the total proceeds of <500 crore, approximately <400 crore will be allocated towards debt repayment, with the remaining portion earmarked for general corporate purposes.