Grasim Industries announces ₹4,000 crore rights issue

MUMBAI, 4^th JANUARY, 2024 (NHM):  Grasim Industries, on Thursday, announced the price for its ₹4,000-crore rights issue at ₹ 1,812 per share, reflecting a 12.47% discount from the prevailing market price. It plans to issue up to 2.2 crore shares to promoters and the promoter group, the company said in its exchange filing.

The rights issue is structured with a ratio of six shares for every 179 shares held as of the record date, scheduled for January 10. The subscription period for the issue is from January 17 to January 29.

This fundraising initiative by the Aditya Birla Group is directed towards supporting its ongoing capital expenditure plan and settling existing debt obligations. The board had granted approval for this proposal in October of the preceding year

The company announced that the promoters and the promoter group are committed to fully subscribing to their rights entitlement. Additionally, they express their intention to subscribe to any unsubscribed portion.

In September, the cement manufacturer revealed the brand name for its upcoming foray into the paint business. The market debut of Birla Opus is slated for the fourth quarter of the ongoing fiscal year.

Grasim aims to provide a comprehensive range of premium products in the decorative paints segment. It had initially pledged an investment of ₹10,000 crore to establish the paints business, encompassing a total annual capacity of 1,332 million litres.Ends

Ghaziabad-based Divine Power Energy Limited aims to surpass Rs. 400 crore revenue by 2026; plans to float IPO soon

GHAZIABAD, JANUARY 3, 2024 (NHM):  Divine Power Energy Limited (The company or DPEL), a leading manufacturer of insulated wires and strips, aims to achieve Rs. 400 crore in revenue by March 2026. The Ghaziabad-based company intends to expand its production capacity by raising capital through an initial public offering (IPO). 

It has appointed Khambatta Securities as the Book Running Lead Manager for the issue. DPEL manufactures insulated and bare wires as well as strips with copper and aluminum for its customers in India. Its product line includes Paper Covered Conductors, Fiber-Glass Insulation, Double Cotton Covered and Super-Enameled Insulation, widely used in transformers, motors and other electrical devices. 

Elaborating on the company’s expansion plans, Mr. Rajesh Giri, Managing Director, Divine Power Energy Limited, said, “We aspire to be a market leader in the manufacturing of insulated copper and aluminum wires and strips, setting benchmarks for quality and sustainability. We are planning to raise funds from the capital markets to unlock our full potential by expanding our manufacturing capacity, broadening our product portfolio and exploring new geographies. Embarking on this ambitious journey, we are confident of doubling our revenue by 2025 to Rs. 300 crore and surpassing the Rs. 400 crore mark by March 2026.” 

The company has been manufacturing and supplying superior quality products, consistently meeting customer demand and rigorous industry standards at competitive prices for the last two decades. 

DPEL operates a manufacturing unit spread across 40,000 Sq Ft in Ghaziabad. DPEL supplies its products to both public and private companies, including Tata Power, BSES, Uttarakhand Power Corporation Limited, Jharkhand Bijli Vitran Nigam Limited, Pashchimanchal Vidyut Vitran Nigam Limited, South Bihar Power Distribution Company Limited, Purvanchal Vidyut Vitran Nigam Limited, Dakshinanchal Vidyut Vitran Nigam Limited and many others. 

The company gets its raw materials from market leaders like NALCO, Aditya Birla’s Hindalco and Balco. For more information, please visit: https://www.dpel.in/

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