New Delhi, Nov 17 (PTI) Gandhar Oil Refinery (India) Ltd on Friday fixed the price band for its Rs 500.69-crore Initial Public Offering (IPO) at Rs 160-169 per share.

The maiden public issue will open for subscription on November 22 and end on November 24, the company said.

The anchor book of the offer will be opened for a day on November 21. Investors can bid for a minimum of 88 equity shares and in multiples of 88 thereafter.

This will be the third maiden public issue opening next week, after Indian Renewable Energy Development Agency and Tata Technologies.

The IPO comprises a fresh issue of equity shares worth Rs 302 crore and an Offer for Sale (OFS) of 1.17 crore by promoters and existing shareholders.

Those offering shares in the OFS include promoters -- Ramesh Babulal Parekh, Kailash Parekh and Gulab Parekh -- and other shareholders, Fleet Line Shipping Services LLC, Denver Bldg Mat & Décor TR LLC, and Green Desert Real Estate Brokers.

The company will fetch up to Rs 500.69 crore at the upper end of the price band.

Proceeds from the fresh issue component will be used for payment of debt and for the purchase of equipment and civil work required for expansion in the capacity of automotive oil at the Silvassa plant.

In addition, the funds will be utilised for expansion in capacity of petroleum jelly and accompanying cosmetic product division at the company's Taloja plant as well as expansion in capacity of white oils by installing blending tanks at the plant and funding working capital requirements.

Gandhar Oil Refinery is a leading manufacturer of white oils with a growing focus on the consumer and healthcare end industries.

Nuvama Wealth Management (formerly known as Edelweiss Securities) and ICICI Securities are the book-running lead managers to the IPO. PTI HG HG TRB