Globus Spirits fixes issue price at Rs 100 per share

Globus Spirits, engaged in the manufacture of Indian made foreign liquor (IMFL) and spirits, has fixed the issue price of its initial public offer (IPO) at Rs 100 a piece. The issue, which closed on September 2, was subscribed 1.5 times on the last day.

The IPO of 75 lakh equity shares took the book building route to raise funds. Srei Capital Markets and Keynote Corporate Services were the book running lead managers for the issue, while Link Intime India was appointed as the registrar.

The company plans to utilise the issue proceeds to upgrade and expand its production facilities at Behror, Rajasthan and Samalkha, Haryana. It also plans to develop and acquire IMFL brands and revamp its bottling and storage capacities.

Globus Spirits 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.