So far, the stock has hit a high of 344.60 and a low of 295.40. On the BSE, over 14.67 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Gandhar Oil Refinery (India) was subscribed 64.06 times. The issue opened for bidding on 22 November 2023 and it closed on 24 November 2023. The price band of the IPO was fixed at Rs 160-169 per share.

The offer consisted of fresh issue of 1.78 crore equity shares and an offer for sale of 1.17 crore equity shares.

The company proposed to utilize the net proceeds from the fresh issue towards funding investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from Bank of Baroda, amounting Rs 22.71 crore, capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at the Silvassa plant, amounting Rs 27.73 crore, funding working capital requirements of the company amounting Rs 185.01 crore, and the balance towards general corporate purposes.

Incorporated in 1992, Gandhar Oil Refinery India (GORL) is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. The company has three main business divisions: PHPO (personal care, healthcare, and performance oils), lubricant and PIO (process and insulating oils). As of June 30, 2023, its product suite comprised over 440 products primarily across the PHPO, lubricants and PIO divisions under the Divyol brand.

GORL's key customers are P&G (for petroleum jelly in the Indian market), Unilever, Bajaj Consumer Care, Dabur, Emami, Marico, Patanjali Ayurved, Amrutanjan Healthcare, Supreme Petrochem, Encube.

The firm reported a net profit of Rs 54.29 crore and total income of Rs 1,070.34 crore for the three months ended on 30 June 2023.