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Friday, April 25, 2008

Gokul Refoils IPO opens on May 8, price band Rs 175-195

Gokul Refoils and Solvent, a Gujarat based company, engaged in the business of solvent extraction, refining of Edible oils and Vanaspati manufacturing, has received ROC clearance and has fixed a price band of Rs 175 to Rs 195 for its forthcoming initial public offer (IPO) of 71,58,392 equity shares of Rs 10 each for cash.

The net issue to the public comprises of 70,83,392 equity shares and 75,000 equity shares have been reserved for the employees. The issue will constitute 27.14% of the fully diluted post issue paid up equity share capital of the company. The face value of equity shares of is Rs 10, floor price is 17.5 times of the face value and the cap price is 19.5 times of the face value.

The company intends to raise Rs.139.59 crores at the cap price of the price band. The 100% Book Build Issue Opens on Thursday May 8, 2008 and Closes on Tuesday May13, 2008.

About Gokul Refoils and Solvent Limited

Gokul Refoil was incorporated in 1992 and is primarily engaged in the business of Solvent Extraction, refining of Edible oils and Vanaspati manufacturing. The company’s manufacturing facilities at Sidhpur, Gandhidham & Surat, have the ability to provide comprehensive range of oil products. Moreover, Gokul is one of the few players in the vegetable oil industry in India that are able to produce a broad variety of oil & derivative products. The manufacturing facilities are versatile in nature, can process various types of oils including palmolein, soyabean, cotton, sunflower, groundnut and mustard. The existing setup is such that the company can switch over from processing of one type of oil to another type of oil with no down time.



Financials:

Gokul Refoils consolidated total income for the financial years ended March 31, 2007 was Rs. 1599.86 crores and Rs.1347.82 crores for the period ended Nov, 2007. Profit after tax for the FY07 was Rs. 25.73 crores, and Rs.41.83 crores for the period ended Nov 30, 2007. Company’s sales have grown at a CAGR of 39.30% over the last 5 financial years and its PAT has increased at a CAGR of 41.16% over the last 5 financial years and EPS reported a growth of 24 % in last 3 years.



Present Business Activity & its Products:-
Today the group’s interest includes Refining of Edible oil, Castor oil & its derivatives, Vananspati, Solvent Extraction & Power Generation and Commodity trading in the domestic as well as international markets At present Gokul Refoils and Solvent Limited has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining & 200 TPD of Vanaspati manufacturing. The units are situated at: Sidhpur (Sidhpur unit, North Gujarat), Anjar (Gandhidham unit, Kutch), Navi Pardi (Surat unit, South Gujarat) & Kutch (Wind mills).

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