Alpex Solar Limited files DRHP with NSE Emerge

MUMBAI, DECEMBER 5, 2023 (NHM): Alpex Solar on Tuesday announced plans to launch an Initial Public Offering to fund its capacity expansion projects.

The company has filed a Draft Red Herring Prospectus with NSE Emerge, it said in a statement.

The company intends to use the proceeds to fund its ambitious capacity expansion plan, besides meeting working capital expenses, it said.

The company did not disclose the entire amount it aims to raise through the IPO route but said it intends to utilise Rs 19.55 crore of the net proceeds to upgrade and expand its capacity by 750 MW, Rs 12.94 crore to set up a new manufacturing unit for its solar module's aluminium frame, and another Rs 20.49 crore to meet its working capital requirements, besides general corporate expenses.

The issue size comprises a fresh issue of 64,80,000 equity shares with a face value of Rs 10 each.

Corporate Capital Ventures has been appointed the book running lead manager while Skyline Financial Services Pvt Ltd is the registrar to the issue.

Alpex Solar Ltd Chairman & Managing Director Ashwani Sehgal said, "To meet market demand for large-sized cells with Multi-Bus Bars and the latest types of Mono Perc, Topcon, and Bifacial cells, we are planning to raise funds to expand our business operations by increasing our capacity from 450 MW to 1.2 GW in the existing manufacturing unit."

The aim is also to build a new plant dedicated to producing aluminium frames, eliminating our dependency on imports of the frames from other countries, he said.

Alpex Solar clocked a revenue of Rs 183.93 crore in FY23, up from Rs 156.06 crore in FY22. The company earned revenues of Rs 207.13 crore for the April-September period this fiscal.

The Greater Noida-based company manufactures and delivers solar panels in the B2B market and also serves as a contract manufacturer for several large companies, such as Luminous, Jakson, and Tata Power.

Accent Microcell Ltd IPO opens on December 8, price band fixed at ₹133-140 per share

• Anchor book will be opened on December 7, 2023, while the issue will be closed on December 12, 2023
• IPO comprises of fresh issue of 56 lakh Equity Shares with a face value of Rs. 10 each through the book-building route
• Net proceeds from the issue to be utilised in setting up a new manufacturing unit at Navagam Kheda, Gujarat, India and for general corporate purposes
• Corporate Capital Ventures Private Limited is the Book Running Lead Manager and KFIN Technologies Limited is the Registrar to the Issue

AHMEDABAD, 4 DECEMBER, 2023 (NHM):  City-based Accent Microcell Limited, a leading manufacturer and exporter of cellulose-based pharmaceutical excipients, on Monday announced that its Initial Public Offer will open on Friday, December 8, 2023. The Anchor portion will open on Thursday, December 7, 2023, and the issue will conclude on Tuesday, December 12, 2023.

The company is planning to raise approximately Rs. 78.40 crores from the issue and aims to be listed with NSE Emerge. The price band for the issue has been fixed at Rs. 133 – Rs. 140 per share. The lot size will be 1,000 shares.

The IPO will comprise fresh issue of 56 lakh Equity Shares with a face value of Rs 10 through the book-building route. While 15.96 lakh equity shares have been reserved for Anchor portion, 2.8 lakh equity shares for Market Maker, 10.64 lakh equity shares for QIB portion, 7.98 lakh equity shares allocated for NIIs and Retail (RII) portion accounts for 18.62 lakh equity shares.

Chairman Vasant V Patel said that the new facility to be operational by April 2025 and the company spends Rs 2 to 3 crore per year.

Accent Microcell plans to utilise Rs. 54.39 crores out of net proceeds from the offering to establish a new plant at Navagam Kheda, Gujarat, India for manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate (SSG) and Carboxymethylcellulose (CMC), which is expected to be commercialised by April 2025. Out of the total proceeds from the fresh issue, the company proposes to invest Rs 48.39 crore in the current financial year and Rs 6 crore in FY25.

The company predominantly manufactures Microcrystalline Cellulose (MCC), which is widely used as a texturizer, anticaking agent, binder, lubricant, bulking agent, and diluent with an extensive range of applications in pharmaceutical, nutraceutical, food, cosmetic and other industries. In addition to MCC, it produces other excipients such as Croscarmellose Sodium (CCS) and Magnesium Stearate (MS).

Leveraging its high-quality product line, the company has established a long-standing market in India and abroad. Accent Microcell exports its products to more than 45 countries, including the USA, Canada, Germany and many others.

Incorporated in 2012, Accent Microcell has successfully developed a resilient manufacturing infrastructure, supported by an efficient supply chain that caters to the needs of various Indian and global customers. With two state-of-the-art manufacturing facilities located in Pirana (Unit-I), and Dahej SEZ (Unit-II), the company serves various categories of clients from different industries. With the addition of 2,400 metric tonnes to its current annual total installed capacity of 8,000 metric tonnes, the company plans to increase its cumulative annual capacity to 10,400 metric tonnes, including all range of excipients category (including premium excipients products). The expansion of capacity will enable the company to deliver products that are specifically tailored to customer needs. In addition to existing customer base, the company will cater to the clients in untapped regions.

The firm registered a revenue of Rs 204.19 crore in 2022-23 (FY23), up from Rs 165.71 crore in FY22 and its profit after tax (PAT) more than doubled to Rs 13.01 crore in FY23 from Rs 5.89 crore in the preceding financial year.

Corporate Capital Ventures Private Limited is the Book Running Lead Manager and KFIN Technologies Limited is the Registrar to the Issue.

Post-IPO, the company will list shares on NSE’s SME segment Emerge

7th edition of “KalaaSpandan Art Fair” India’s leading contemporary Art Expo ongoing at Nehru Centre, Worli

MUMBAI, 1 DECEMBER, 2023 (NHM):  “KalaaSpandan Art Fair” is an initiative of Indian Art Promoter. It will showcase its 7th edition of “KalaaSpandan Art Fair” from 30th November to 3rd December 2023 (4 days) at Nehru Centre, Worli, Mumbai-18. It is a leading contemporary art fair of India. It has started kalaaSpandan Art Fair in order to render the art arena an opportunity to showcase their artistic talents in very affordable cost & thus enabling the art fraternity to communicate & buy art from the artists directly. It is a unique bridge between great masters, emerging artists and art students that enlightens one and all.

It will showcase variety of thousands of artworks in all mediums ranging from figurative to abstract paintings, oil, water, acrylic colour & mix medium paintings, sculpture, photography, resin art, calligraphy, mandala art, madhubani art, ceramic art, terracotta, stained glass, mosaic art, blue pottery, decorative arts, traditional art, handcrafted &handwoven art, artefacts to designer concepts in all shapes, styles and forms from several professional masters to emerging artistic talents exhibiting from various corners of the nation.

Showcasing artists like Raamji Sharmaa, Paramesh Paul, Sayajirao Nangare, Tirthankar Biswas, Ajay Chandak, Speed painter Rabin Bar, Ullhas Raikar, Rajashree Dadarkar, Sonjaye Maurya, Sarbani Ganguly, Sneha Naware, Dr. Vandy Jais, Subhendu Ghosh, Pulak Das, Surybhan Meravi, Sheeba Manghat, Lakshmi Venkatesh, Tanvi Jenil, Vaishali Kale, Meghana Nalawade, Poonam Khanvilkar, Shirish Joglekar, Amit Wagh, Swati Mishra, Soumya Swaminathan, Binal Gada, Mansi Shah, Geetha Sundar, Munwar Bux, Mehernosh Venkatesh, Prakash Ambegaonkar, Rekha Prakash, Maya Avanith, Dr Pranita Rao, Kishore Roy, Shivani Ojha, Ankita Bhatnagar, Sonali Korde, Mrunalini Gaikwad, Manjiri Tagare, Madhuri Nage, Santosh Kardak, Sonali Jadhav, Jainil Desai, Namrata Daniver, Rajam Sankar, Shanti Mahadevan, Suryakumari Kolisetti, Vinisha Ruparel, Stasia Fernandes, Leanne Mascarenhas, Nidhi Kantharia, Nandini Chandrawanshi, Manisha Shekhawat, M M Sheena Ajan, Dr Vaishali Das, Amit, Arwa Raaz, Praveena, Gagandeep Singh, Ranjit, Reena Chaudhary, Deeba Qureshi, Jaydeep Ghosh, Sandipan Sen, Arunabha Ghosh, Sathish A, Madhulika Nigam, Sandesh Jadhav, Krisha Shah, Prashant Patil, Janvhi Pandey, Jyoti Upadhyay, Hansa Sewani, Lakshmanasa Kabadi, Basavaraj Aragi, Satyesh Vishwakarma, Mukesh Vishwakarma, Gangadas Machcha, Vilas Gajare, Amita Chakrawarti, Swaroop Vekkatramam, Vilesh Sagwekar, Nitin Brid, Divya Kamat, Tanmay Nikam, Rupa Haridas, Nandiitta Banerjee, Dipak Bagda, Tushar Chokka, Purva Tenani, Dr Veeri Gupta, Pranita Bora, Ghanshyam Gupta, Photographer Ramnath Bhatt & many more will be displaying their artworks. Brand like Honey Comb, Petals India, Mrida Gram, Vini’s, Trendy Vastra, Pehrawaah, Craftnxt, Oriental Handicraft, Balaji Handicraft, Hand Made in Asia, etc will showcase their specialities.

Art fraternity & connoisseurs who may be just beginning to explore some art or a seasoned collector both will surely find arts in this fair which will suit everybody’s taste, budget & collection.

So, join us to explore & buy art according to your choice amongst a plethora of contemporary artworks. The Fair will be inaugurated by prominent personalities at 3 pm on 30th November 2023 (Thursday) & will continue up to 3rd December 2023 (Sunday) from 11 am to 7 pm.
Visit our website- www.indianartfair.net.in

SBM Bank India celebrates its 5th anniversary, Rolls out special offers on both advances and deposits

MUMBAI, 1st DECEMBER, 2023 (NHM): SBM Bank India, celebrating its 5th anniversary, has unveiled exclusive anniversary offers on advances and deposits for its customers. As part of the commemoration, the bank will give a higher interest rate of 8.25% p.a on fixed deposits for a specific tenure from December 1 to December 7, 2023, for amounts below Rs 2 crore.

This limited-time offer extends to tenures of over three years, two days and less than five years. Additionally, for durations ranging from 391 days to 15 months, customers will get interest at 8.10% p.a.

For senior citizens, SBM Bank India grants an extra 0.5% benefit on the Anniversary Special FD rates exclusively for resident Indian senior citizens.

The bank has also announced a 50% reduction in processing fees on MSME loans, secured and unsecured loans, and equipment finance. This reduction, effective from December 1, 2023, for one month, aims to minimize costs for aspirants, particularly MSME borrowers.Ends

Sheetal Universal Limited Announces IPO Opening Date

Sheetal Universal Limited IPO comprises a fresh issue of 34 lakh equity shares with a face value of Rs. 10 each at a fixed price of Rs. 70 per share. The issue will be open on December 4 and conclude on December 6, 2023. Issue Size Rs. 2380 lakhs.

MUMBAI, 30 NOVEMBER, 2023 (NHM):  Sheetal Universal Limited, an agricultural product processor and exporter, on Thursday, November 30, announced that its Initial Public Offer will open on Monday, December 4, 2023, and close on Wednesday, December 6, 2023.

The company plans to raise approximately Rs. 2380 Lacs from the issue and aims to be listed with NSE Emerge. The IPO will comprise a fresh issue of 34 lakh Equity Shares with a face value of Rs 10/- each at a fixed price of Rs. 70 per share. Beeline Capital Advisors Private Limited is the Lead Manager to issue. Bigshare Services Private Limited is the registrar of the Issue.

Rajkot-headquartered company is engaged in sourcing, processing, and supply of agricultural products such as peanuts, sesame seeds, spices, and grains to cater to the manufacturers of peanut butter, biscuits, cakes, chocolate, and food products. The company has two subsidiaries - Saumesvar International Private Limited and Svar Industries Private Limited, which are into processing and exporting of Agri Commodities like oil seeds, grains, etc.

The net proceeds from the issue will be used for funding capital expenditure, working capital requirements, general corporate purposes and to meet Public Issue expenses. Furthermore, it intends to venture into new product management like producing protein powder and cold press extract oil, plans to set up a manufacturing facility for defatted protein powder (dry powder) powder and extract cold press oil from raw peanut, almond, cashew nut, and seed considered as vegan foods for India and export market.

The company plans to spend Rs. 584 lacs towards purchasing necessary equipment. The company will spend Rs. 1200 lacs on working capital, which will be used to expand the product range, increase the number of business verticals, and explore various geographical areas.

Sheetal Universal Limited operates a manufacturing & processing facility in Jamnagar district at Haripar Khandhera, which is spread over 14,568 Sq Mts with a constructed area of 6,000 Sq Mts. The facility implements an extensive and stringent quality control mechanism at each stage of the process to ensure that its finished product meets its customers’ specifications. The company exports its products to various countries including the Russian Federation, Indonesia, Malaysia, Vietnam, UAE, Iran, Algeria, Israel, Turkey, and Egypt.

Commenting on the company’s plans, Mr. Hiren Vallabhbhai Patel, Promoter and Managing Director of Sheetal Universal Limited, said, “With our proven experience in the Agro Processing Industry, we are aiming for forward integration with value addition by setting up a manufacturing facility with the adequate equipment for producing defatted protein power and extract cold press oil for the domestic and export market. We are also planning to set up a production unit for defatted protein powder (dry powder) made from raw peanuts, almonds, cashew nuts, and seeds which are considered vegan foods. Therefore, we will allocate the proceeds from the IPO towards expanding our capacity and geographical reach.”

In FY 2022-23, the company's total income increased to Rs.131.65 crore, up from Rs. 39.84 crore in FY 2021-22. It recorded a profit (PAT) of Rs. 1.98 crore in 2022-23, compared to Rs. 28.31 lakh in FY 2021-22. Further, for the first half of FY 2024, the Company has achieved a total income of Rs. 56.75 crores with a recorded profit (PAT) Rs. 1.88 crores.Ends

Axis AMC Launches Axis India Manufacturing Fund, Eyes Rs 3 lakh cr AUM by March; Expects Rs 2,500 cr from new fund

The Axis Bank subsidiary which competes with 44 other players, is also eyeing around Rs 3 lakh AUM by the end of this fiscal, given the market rally. The fund house opened the year with an AUM (assets under management) over Rs 2.25 lakh crore

MUMBAI, 29 NOVEMBER, 2023 (NHM/ Babita Prabhakar M.): Axis Mutual Fund on Wednesday launched a manufacturing fund and has set a target of collecting at least Rs 2,500 crore during the offer period.

The Axis Bank subsidiary which competes with 44 other players, is also eyeing around Rs 3 lakh AUM by the end of this fiscal, given the market rally.

The fund house opened the year with an AUM (assets under management) over Rs 2.25 lakh crore.

The open-ended equity scheme represents the manufacturing theme and opens for subscription from December 1 and closes on December 15.

The fund will track Nifty manufacturing index and will be managed by Shreyash Devalkar and Nitin Arora, the company announced here.

If 10 per cent of the investment is redeemed/switched within 12 months from the date of allotment there will be no exit load, while for the remaining investment there will be a 1 per cent charge, B Gop Kumar, managing director & chief executive of the fund house said.

On the overall AUM target for the year, Kumar said the growth has been very good for the company and hopes to close the year with Rs 2.8-3 lakh crore in AUM driven by SIPs and fixed-income funds.

On the new fund offer, Raghav Iyengar said they have set an internal target of collecting at least Rs 2,500 crore during the offer period.

Kumar said the fund will endeavour to harness the potential of the country's growing manufacturing theme, which of late has been gaining increased traction.

The fund managers see increased scope for exports to the US and Europe, when it comes to capital goods and power section equipment.

The country is transitioning rapidly, thanks to significant government impetus, favourable policy frameworks, and the improving cost competitiveness, said Ashish Gupta, chief investment officer.Ends

Union AMC launches Union Children's Fund

MUMBAI, NOVEMBER 27, 2023 (NHM):  Union Asset Management Company Pvt. Ltd., Investment Manager to Union Mutual Fund, sponsored by Union Bank of India and Japan's Dai-ichi Life Holdings, Inc., today announced the launch of Union Children's Fund - an open-ended fund for investment for children, having a lock-in for at least 5 years or till the child attains the age of majority (whichever is earlier).

The New Fund Offer (NFO) of Union Children’s Fund (‘the Scheme') will open on November 28, 2023 and close on December 12, 2023. The Scheme will re-open for ongoing sale and repurchase within 5 business days from Allotment.

Benchmarked against S&P BSE 500 Index (TRI)^^, the Scheme aims to generate long-term capital appreciation by investing in a mix of securities comprising equity, equity-related securities and debt instruments as per the asset allocation pattern of the Scheme with a view to providing investment solution to investors.

The minimum application amount for investment in the Scheme is Rs 1,000 and in multiples of Rs. 1 thereafter.

G Pradeepkumar, Chief Executive Officer (CEO) of Union AMC, said, "We are excited to announce the launch of Union Children's Fund. At a time when inflation is on the rise, it has become challenging for people to invest for their children's future needs. In this scenario, imagine a future where each child's dreams have no limits, where his/her potential is nurtured, and where every milestone is supported with unwavering love and financial well-being. That's exactly what Union Children's Fund aims for – to help you plan for your child’s bright future. This investment can be a tangible expression of your love and commitment towards your child.”Ends