New Delhi-headquartered Esconet Technologies files DRHP with NSE Emerge

NEW DELHI, 2nd JANUARY, 2024 (NHM): Esconet Technologies Limited (The company), a leading homegrown integrated IT solutions company, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. 

The company’s initial public offering comprises a fresh issuance of 33,60,000 Equity Shares, each with a face value of Rs. 10. Corporate Capital Ventures has been appointed as the Book Running Lead Manager for the issue while Skyline Financial Services is the Registrar. 

The New Delhi-headquartered company manufactures high-performance supercomputers, data servers and workstations, besides providing a comprehensive range of IT solutions to SMEs, large organizations, and public sector clients, including data storage, networks, security, virtualization, and data protection. 

Recognizing the burgeoning demand in the Indian market, Esconet introduced its brand, HexaData, specializing in high-end Servers, Workstations, and storage systems through the Make in India initiative. Furthermore, Esconet's strategic collaboration with NVIDIA has propelled remarkable growth in the AI and ML domain, enhancing their servers and workstations. 

According to the DRHP document, Esconet proposes to utilize Rs. 16 crore of the IPO proceeds towards funding its long-term working capital requirements, besides investing Rs. 2.5 crore in its wholly-owned subsidiary, ZeaCloud Services Private Limited, to reinforce its infrastructure by acquiring additional hardware and software, with a goal of bolstering capacity, elevating security measures, and enhancing overall monitoring capabilities. 

ZeaCloud offers an extensive range of cloud and managed services, including Private and Public Cloud services, Backup-as-a-Service (BaaS), Disaster Recovery-as-a-Service (DRaas) and Desktop-as-a-Service (DaaS). 

ZeaCloud operates its data centers in Noida and Mumbai. The company is embarking on a transformative roadmap by integrating cutting-edge Object Storage into its infrastructure to bolster the immediate customer onboarding capabilities. Apart from fortifying the backup capabilities, this will establish ZeaCloud as a leading provider of advanced and versatile Object Storage solutions to its clientele. 

Founded in 2012 by second-generation entrepreneurs Santosh Kumar Agrawal and Sunil Kumar Agrawal, Esconet has been forging fruitful partnerships to deliver innovative and resilient IT solutions. The company counts renowned global technology firms - AMD, Amazon Web Services, Cisco, Dell Technologies, HP Enterprises, Intel, Microsoft, Nutanix, NVIDIA, Sophos, Suse One, Trend Micro, and Veeam, among its technology partners. 

Its prestigious clientele includes the Ministry of Defence, National Informatics Centre (MeitY), National Informatics Centre Services Inc (MeitY), IIT, Bharat Electronics Limited, ONGC, Engineers India Limited and many others. 

As per the restated consolidated financial statements, Esconet achieved a robust revenue of Rs. 71.46 crore and earned a profit (PAT) of Rs. 3.05 crore during the first half of the current fiscal year, which ended September 30, 2023, compared to a revenue of Rs. 96.90 crore and a profit (PAT) of Rs. 3.18 crore in FY2022-23. A significant portion of the company’s revenue in the last three years was generated from Government projects. 

 

The company has received crucial certifications such as ISO 9001:2015 for Quality Management System, ISO/IEC 27001:2022 for Information Security Management Systems, ISO/IEC 20000-1:2018 for Information Technology Service Management, and ISO 14001:2015 for Environmental Management Systems, demonstrating its dedication to quality and security.Ends

 

PM Shri Narendra Modi, GJEPC Chairman Vipul Shah in Rapaport's "People of the Year 2023” in global diamond industry

NATIONAL, 30^th DECEMBER, 2023 (NHM): The world’s most influential and most read diamond-focussed publication ‘Rapaport’ named Hon. Prime Minister of India Shri Narendra Modi among the movers and shakers of the global diamond industry in the year 2023. Other members including Vipul Shah, Chairman, The Gem & Jewellery Export Promotion Council (GJEPC); Gina Drosos, CEO, Signet Jewelers; Feriel Zerouki, president, World Diamond Council (WDC); Mokgweetsi Masisi, president, Botswana; Gabi Tolkowsky, Belgian diamond cutter;   were at the forefront hailed by Rapaport the most powerful/ influential people in the world to shape the future of the diamond industry.

Our “People of the Year” reflect the realities of 2023, said Rapaport in its foreword. Some of these individuals were directly involved in solving the industry’s acute problems — facilitating India’s freeze on rough imports, for example, or identifying ways to adapt retail strategy to the situation. As with the famous Time Person of the Year, inclusion in this list is not necessarily a recognition of an individual’s positive contribution, but rather of his or her influence on the diamond industry and/or presence in the headlines. We have chosen to spread the honors among several figures rather than picking a single person of the year,

Mr. Vipul Shah said, “India’s leadership and significance in the global diamond trade continues even in 2023. We are proud of the millions of workers connected to India’s gem & jewellery. We are proud and privileged that our Government with the Hon. Prime Minister support us to keep the sparkle intact.”

Prime Minister Shri Narendra Modi had a number of contact points with the jewelry industry in 2023, says Rapaport. He inaugurated the Surat Diamond Bourse in December. He also raised a few eyebrows by referring to lab-grown diamonds as “green diamonds”, said Rapaport. 

Rapaport lauded the efforts and initiatives undertaken by Shri Vipul Shah amidst headwinds faced by the indigenous industry. The GJEPC holds a monthly online forum with representatives of the industry to discuss trends and concerns, said Rapaport. In September of this year, with polished prices tumbling amid weak retail sales and an oversupply, the Indian trade body decided the situation warranted a broader, physical gathering. The attendees came to a unanimous conclusion: India needed a voluntary pause in rough-diamond imports to stop inventories from getting out of control. The industry implemented this freeze for two months, from October 15 to December 15, taking the pressure off the sector and enabling the market to stabilize.

Insiders at the GJEPC say it was an industry-wide call for an import moratorium and that the country has made similar moves in past crises. However, it was the GJEPC that brought people together and managed the process following the crunch meeting. Vipul Shah, its chairman, was at the forefront, said Rapaport.

About The Gem and Jewellery Export Promotion Council (GJEPC)

The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 9500 members in the sector.  With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.

Facebook: www.facebook.com/GJEPC
Instagram: www.instagram.com/gjepcindia
Youtube: www.youtube.com/gjepcindia
Twitter: www.twitter.com/GJEPCIndia 

 

Panchkula-headquartered Emmforce Autotech Limited files DRHP with BSE SME

MUMBAI, 28 DECEMBER, 2023 (NHM):  Auto components manufacture Emmforce Autotech Limited announced the filing of its Draft Red Herring Prospectus (DRHP) with the BSE SME. The offering comprises a fresh issuance of 55 lakh equity shares, each with a face value of Rs 10. Beeline Capital Advisors has been appointed as the Book Running Lead Manager, and Link Intime India Private Limited is the Registrar.

The Panchkula-headquartered company manufactures niche automotive drivetrain parts and exports most of the products to six continents, primarily to North America and Asia. Emmforce manufactures a wide range of automotive drivetrain parts such as Differential Housings, Differential Lockers, Differential Covers, 4WD Locking Hubs, Spindles, Axles and Shafts, Gear Shifters, Yokes, Differential Spools, Differential Tools and various differential forged/cast parts primarily for 4-wheel Drive and performance racing vehicles. It operates a manufacturing plant spread across 1,50,000 Sq Ft at Baddi in Himachal Pradesh.

According to the DRHP, the company intends to invest Rs 10 crore from the IPO proceeds in its recently acquired subsidiary company – Emmforce Mobility Solutions Private Limited (EMSPL), for setting up a new manufacturing plant at Jharmajri, Baddi, Himachal Pradesh, in the form of equity or debt to meet the requirement of working capital and margin money for term loan of subsidiary company and Rs 27 crore to meet Emmforce’s working capital requirements and for general corporate purposes.

EMSPL is going to manufacture Blades used in Rotavators / Other agriculture implements and Steel Forgings for the automotive / engineering industries and commercial production at its upcoming manufacturing unit at Jharmajri, Baddi in Himachal Pradesh is expected to commence in February 2024.

Ashok Mehta, Chairman and Managing Director, Emmforce Autotech Limited, said, “Being a one-stop solution for a variety of drivetrain parts makes us a preferred supplier to our customers, enabling them to save big on logistics and management bandwidth. We are planning to invest proceeds from the IPO in our subsidiary company EMSPL to expand its manufacturing capabilities and cater to untapped territories, including Europe, South America, Africa, the Middle East, Asia Pacific and India. Apart from supplying 4-wheel drive and performance racing vehicles, we are looking to broaden our product line to serve unexplored sectors like Agriculture, Off Highway, EV, Railways and Defence.”

The company recorded a total revenue of Rs 48.75 crore in FY2022-23 and Rs. 71.38 crore in FY 2021-22. In FY 2022-23, the company made a profit (PAT) of Rs 4.38 crore and Rs 7.32 crore in FY 2021-22, the press release noted.India’s auto components industry’s market share has grown dramatically, led by rising demand for automobiles by the growing middle class and exports globally. According to IBEF, the Indian automobile component industry turnover stood at Rs. 5.6 lakh crore (US$ 69.7 billion) between 2022-23, the industry had revenue growth of 32.8% as compared to 2021-22. Domestic OEM supplies contributed around 66% to the industry’s turnover, followed by domestic aftermarket (roughly 12%) and exports (approximately 22.3%), in FY23.Ends

Nephrocare India successfully closes pre-IPO funding

KOLKATA, DECEMBER 28, 2023 (NHM): City-based Nephrocare India, a comprehensive renal care institution founded by renowned nephrologist Dr. Pratim Sengupta, today announced the successful closure of its pre-IPO round. Marquee investors, including Deepak Parekh (veteran banker and former chairman of HDFC Ltd), Bharat Shah (Chairman, HDFC Securities) and Rajendra Agarwal (Founder and MD of Macleods Pharmaceuticals), among others, participated in the funding round.

Founded in 2014, Nephrocare India has three kidney care clinics in West Bengal and a flagship holistic healthcare facility in Salt Lake, Kolkata.  Dr. Sengupta has a personal vision of positively impacting the lives of close to one million patients suffering from chronic kidney disease by setting up 300 Nephrocare centres across the country in the next 8-10 years, replicating the already demonstrated hub and spoke strategy. Towards this goal, Nephrocare India expects to set up 22 high-end comprehensive kidney care facilities across the country by March 2026. Four centres will be opened by the end of the current fiscal year.

Kidney disease is a silent epidemic, and India is contributing the highest numbers of renal failure patients in the world. An estimated 1 out of 11 Indians are likely to be a victim of renal failure, the leading causes of which are said to be diabetes and hypertension. India, which is often referred to as the ‘Diabetes Capital of the World’, adds close to 2.5 lakh new patients every year to the pool of people requiring dialysis support due to advanced kidney failure. There are around seven crore patients suffering from various chronic kidney diseases, but only around 12,881 haemodialysis centres are capable of performing dialysis across the country. There is a massive gap between the demand and supply of kidney care units in India. Nephrocare India plans to bridge this gap by setting up holistic renal care units nationwide.Ends

Tamilnadu Coke & Power Ltd files DRHP on NSE Emerge, Plans Rs 40 Crore New Factory

MUMBAI, 26 DECEMBER, 2023 (NHM): Tamilnadu Coke & Power Ltd., a manufacturer of low-ash metallurgical (LAM) coke, has filed its Draft Red Herring Prospectus (DRHP) with the NSE Emerge.

The offering comprises a fresh issuance of 64.14 lakh, shares, of face value ₹10.

It has planned to invest about ₹40 crore of the IPO proceeds in a new 2x5 Mega Volt-Amps (MVA) ferrosilicon plant with a production capacity of 8,000 TPA (tonnes per annum), ₹5 crore to acquire more land adjacent to the existing plant, and ₹8.63 crore to establish a new solar power plant with a capacity of 1581 KWP, according to the DRHP information.

It currently operates a LAM Coke Oven plant at Thandalacherry, Tamil Nadu, with two batteries, consisting of 65 ovens with a total capacity of 1,20,000 TPA. It also owns a power generation unit with an installed capacity of 10 MW and sells electricity to various consumers through the Indian Energy Exchange.

“We are exploring new markets and product segments by proposing a new product, ‘Ferrosilicon’, which is primarily used in the production of stainless steel and carbon, Ayaan Ahuja, Chairman and Managing Director, Tamilnadu Coke & Power Ltd, said in a statement.

It reported a revenue of ₹51.60 crore in FY23, up from ₹46 crore in FY22. Its PAT stood at ₹20.83 crore as against ₹17.47 crore in FY22.Ends

TBO acquires Spain’s Jumbo Tours’ online business for 25 million Euros

NATIONAL, 20 DECEMBER, 2023 (NHM): TBO Tek Limited (“TBO”) announced that its wholly owned subsidiary, Tek Travels DMCC, has acquired 100% shareholding of Jumbonline Accommodations & Services S.L.U., which has been demerged as an online business from Jumbo Tours Group. With this acquisition, TBO intends to further increase its presence in Europe.

Jumbo Tours Group is one of the biggest international tourism operators offering a range of services and products to tourism operators and travel agencies worldwide. The Jumbonline business distributes an extensive range of products for wholesalers and tour operators all on one single platform. The advanced API solution provides access to over 120,000 hotels with 15,000 hotels directly contracted in an unbeatable response time. Complementing this business, there are two other brands, Jumbobeds, the leading online wholesaler for Travel Agencies and Jumbotransfers which offers a wide range of transport services at great prices.

Gaurav Bhatnagar, [Co-Founder & Director] of Tek Travels DMCC, said: “This acquisition will give us not only access to Jumbo’s clientele but quality content from across prime destinations in Europe right down to the Caribbean. We continue to expand our global footprint by staying true to our commitment to simplifying global travel”. 

Commenting on the announcement, Ginés Martinez, CEO, Jumbo Tours Group, said “We are very excited with this partnership and look forward to leveraging TBO’s strengths in travel distribution across the world, specifically Middle East & APAC. Their tech, talent and growth have been very impressive, and we are happy to be a part of the TBO family”.

Gabriele Burgio, President and CEO of Alpitour World has commented “we strongly believe that there is a big potential in this alliance, TBO is a great partner in technology and highly specialised in the online business, while Jumbo Tours Group is a great provider of operations, contracting, local knowledge and representation in the destinations, we are sure both parties will get the most out of this joint project.”. 

This development reflects the growth plans that TBO has set globally as it continues to step up investments by constantly looking at similar partnerships to expand, hire and improve customer experience towards its vision of simplifying and empowering the travel ecosystem.Ends

Suraj Estate Developers Limited’s Initial Public Offering to open on Monday, December 18, 2023, sets price band at ₹ 340 to ₹ 360 per Equity Share

Price Band of ₹ 340 – ₹ 360 per equity share bearing face value of ₹5 each (“Equity Shares”)

• Bid/Issue Opening Date – Monday, December 18, 2023 and Bid/Issue Closing Date – Wednesday, December 20, 2023.

• Minimum Bid Lot is 41 Equity Shares and in multiples of 41 Equity Shares thereafter.

• The Floor Price is 68 times the face value of the Equity Share and the Cap Price is 72 times the face value of the Equity Share.

MUMBAI, DECEMBER 13, 2023 (NHM): Mumbai-based realtor Suraj Estate Developers Limited has developed real estate across the residential and commercial sectors in South Central Mumbai region, and has residential portfolio located in the markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel, has fixed the price band at ₹340 to ₹360 per Equity Share for its maiden initial public offer.  The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Monday, December 18, 2023, for subscription and close on Wednesday, December 20, 2023. Investors can bid for a minimum of 41 Equity Shares and in multiples of 41 Equity Shares thereafter.

The Public Issue of face value of ₹5 per Equity Share is entirely a fresh issuance of Equity Shares worth Rs 4000 million with no Offer for Sale (OFS) component.

Founded in 1986 by Rajan Meenathakonil Thomas, Suraj Estate Developers focuses primarily on value luxury, luxury segments and commercial segment in South Central Mumbai region and now venturing into residential real estate development in Bandra sub-market. We specialise in the redevelopment of tenanted properties.

With a longstanding presence of over thirty-six years in the real estate market, it has completed forty-two (42) projects with a developed area of more than 1,046,543.20 square feet in the South-Central Mumbai region. In addition to the Completed Projects, it has thirteen (13) Ongoing Projects with a developable area of 20,34,434.40 square feet and saleable carpet area 6,09,928 square feet and sixteen (16) Upcoming Projects with an estimated carpet area of 7,44,149 square feet.

The Company caters to the discerning clientele across the "value luxury" and "luxury" segments, offering a diverse range of properties priced from ₹10.00 million to ₹130.00 million. It has constructed and sold built-to-suit corporate headquarters to institutional clients, which includes Saraswat Co-operative Bank Limited (Prabhadevi) and Clearing Corporation of India Limited (Dadar). To cater to the increasing need for independent office buildings in the commercial segment, it is currently proposing a 16 storey commercial building situated in Tulsi Pipe Road, Mahim.

Its customer centric business model focuses on addressing customer requirements in various locations, ticket sizes and configurations.

Positioned for future growth and expansion, the company holds certain strategic land parcels in Bandra (West) and Santacruz (East) for development. As of October 31, 2023, it possesses Land Reserves of 10,359.77 square meters, intending to capitalize on the entire FSI potential of more than index 2.0, subject to marketability and receipt of regulatory clearances. They have land parcels spanning 9,631.35 square meters in Bandra (West), Mumbai, Maharashtra, and 728.42 square meters in Santacruz (East), Mumbai, Maharashtra, showcasing its commitment to strategic real estate investments and future projects.

During the three months’ period ended on June 30, 2023 and Fiscal 2023, 2022 and 2021, the  consolidated EBITDA was Rs 467.32 million, Rs 1,510.03 million, Rs 1,317.33 million and Rs 866.29 million respectively, whereas consolidated EBITDA margin during the three months’ period ended on June 30, 2023 and Fiscal 2023, 2022 and 2021 was 45.64%, 49.39%, 48.30% and 36.10% respectively.

As on October 31, 2023, it has redeveloped houses for more than 1,011 tenants in 42 Completed Projects, free of-cost under regulation 33(7) of the Development Control and Promotion Regulation, 2034 (“DCP Regulations”).

The Issue is being made through the Book Building Process, wherein not more than 50% of the Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the Issue shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Issue shall be available for allocation to Retail Individual Bidders.

ITI Capital Limited, and Anand Rathi Advisors Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.Ends