Mumbai, Oct 2: GP Petroleums Limited (GPPL), a leading manufacturer and marketer of industrial and automotive lubricants, proposes to raise funds up to ₹130 crores through issue of non-convertible debentures and optionally convertible debentures.
The Company plans to utilize the proceeds to fund the Company’s ongoing business expansion and fulfill its working capital requirements.
The Company will issue up to 300 NCDs aggregating up to ₹30 crores for 36 months and up to
1,000 OCDs aggregating up to ₹100 crores for 18 months, each with a face value of ₹10 lakhs.
Both instruments will be issued to RevX Special Credit Opportunities Fund II on a private placement basis. Both instruments will be issued in one or more tranches.
The OCD issue is subject to necessary statutory approvals, including shareholders consent through the upcoming postal ballot.
Equity shares arising from conversion of OCD are proposed to be listed on BSE and NSE.
The NCDs and OCDs carry a coupon rate of 13% per annum, compounded monthly and paid quarterly.
Additionally, the Company will pay 1.5% of additional coupon on deemed date of allotment.
About GP Petroleums Limited
GP Petroleums Limited is a publicly listed company engaged in the manufacture and marketing of industrial and automotive lubricants, process oils, greases and other specialty products under the IPOL brand.
