Globus Spirits fixes IPO issue price at Rs 100 per share

Liquor manufacturer Globus Spirits has fixed the price of its initial public offer at Rs 100 per equity share.

The company entered into the capital market on August 31 with a public issue of 75-lakh equity shares of Rs 10 each with a price band of Rs 90 to Rs 100 per equity share.

The issue, which was made through a 100 per cent book building process, was oversubscribed 1.5 times on Wednesday, the last day of the issue.

Srei Capital Markets and Keynote Corporate Services were the book running lead managers for the issue, while Link Intime India acted as the registrar.

The company proposes to utilise the issue proceeds to modernise and expand its production facilities at Behror, Rajasthan and Samalkha, Haryana, it said in a press release.

Globus has also plans to develop and acquire IMFL brands and revamp its bottling and storage capacities.

Besides, it will also install a multi-pressure distillation plant to produce high quality Extra Neutral Alcohol (ENA) of 35,000 Litres per day from both Molasses and Grain at its Behror Unit in Rajasthan, the company said.

It will also produce ENA from Grain at Samalkha Unit in Haryana making its installed capacity of both units at 4,98,00,000 BL per annum, it said.