GNA Axles lists at a premium

GNA Axles has listed itself on the national bourses on a premium. The company listed at a price of Rs 253, up by 24.64 per cent. Company raised Rs 130 crore at a price band of Rs 205-207 per share and was oversubscribed 54 times. The reserved portion of qualified institutional investors was oversubscribed 17.18 times and non-institutional investors 217.47 times. The reserved category of retail investors was oversubscribed 11.84 times.

Company will utilise the money raised to purchase plant and machinery, towards working capital requirements and other general corporate purposes.GNA Axles, which is engaged in the business of rear axle shafts, other shafts and spindles used in on-highway and off-highway vehicular segments in India.