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2008-05-02 16:25:58 |
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High edible oil demand, oil companies expand
Commodity Online
AHMEDABAD: As edible oil scenario is getting more sticky in India – world’s biggest consumer – companies in the oil field is going gaga. Looking to the huge aspect of demand of edible oil, the latest entrant from this sector to the stock market is Gokul Refoils and Solvent Ltd, a Gujarat-based solvent extractor and edible oil refining firm.
It’s initial public offering will hit the market on May 8 through which it plans to raise about Rs 140 crore for investment in its wholly-owned Singapore based subsidiary, expansion of its existing edible oil refinery at Surat, part funding of its long term working capital, investment in increasing warehousing capacities and ongoing capex for existing units.
The net issue to the public comprises of 70, 83,392 shares and 75,000 shares have been reserved for employees. It would offer 71,58,392 equity shares of Rs 10 each for cash in the initial public offer in a price band of Rs 175-195 per share. The IPO which will begin on May 8 will close on May 13.
Apart from Surat, the company has manufacturing facilities at Sidhpur and Gandhidham which can process various types of oils including palmolein, soyabean, cotton, sunflower, groundnut and mustard.
The company has also set up captive power generation Plant which include 4 wind turbine generators (WTG) of 1.25 MW each installed at Mandvi, Kutch & 500 KWH Co- generation power plant ensuring uninterrupted power supply and cost saving.
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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