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GB Tools files IPO docs with SEBI

G B Tools & Forgings has filed documents with market regulator Sebi to raise about Rs.40 crore through the initial public offering (IPO) route.

The company engaged in the business of manufacturing and export of drop forge hand tools and allied forging products. The company said proceeds of the issue would be used for expansion and modernisation of its existing hand tool manufacturing facility at Jalandhar that needs Rs 32.17 crore funds, and general corporate purpose. It also proposes to consider a pre-IPO placement of up to Rs 10 crore with certain investors.

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