Agri-Drone Company AITMC Ventures Limited (AVPL) Files IPO Papers To Raise Funds

MUMBAI, 31st OCTOBER, 2023 (AMN):  AITMC Ventures Limited (AVPL), a pioneer in developing a self-sustained ecosystem covering the entire farming value chain around drone technology, today announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The Company will offer a fresh issue of up to 2,07,32,000 equity shares with a face value of Rs. 2/- each through the book-building route. SKI Capital Services Limited has been appointed as the Book Running Lead Manager to the Issue, and Bigshare Services Private Limited as the Registrar to the Issue. 

The Gurugram-based company operates three broad business verticals – Skill Development, Drones Skilling and Assembly and Agri-retail. Founded by entrepreneurs Deep Sihag Sisai (Managing Director) and Preet Sandhuu (Chairman) in 2016, AVPL is a “Category A” Training Partner recognised by the National Skill Development Corporation (NSDC) and serves a wide range of government departments & agencies, including other training providers. The company has two subsidiaries – SPH Aviation Private Limited and Farmers City International Private Limited, which enables an ecosystem play. SPH offers DGCA-approved Drone Pilot training programmes at their RPTOs. At the same time, Farmers City International fosters community engagement by establishing Farmer’s City Marts (FCMs), serving as comprehensive one-stop shops for farming needs.

“Since 2016, we have focused on building an integrated, robust ecosystem”, said, Deep Sihag Sisai, Founder & Managing Director, AVPL. “The journey towards being a listed company is yet another testament to our commitment to enriching the Indian Agricultural Ecosystem through technology, skill development and democratising access to solutions. We are confident that the increasing adoption of drone technology in agriculture presents a substantial growth opportunity for our Drone-as-a-Service (DaaS) offerings. Furthermore, we are well-positioned to benefit from government incentives and support as we have aligned our strategies with the government’s priorities such as employment and income augmentation in the agriculture sector”, further added Deep. 

The company will employ the proceeds from the issue for funding new business initiatives by investing in its subsidiaries. Besides, the company will also utilise part of the proceeds towards the working capital. 

Commenting on the upcoming issue, Ghanisht Nagpal, Partner Investment Banking, SKI Capital Services Limited, said, “AVPL is aiming to capitalise on an ecosystem play – at the intersection of technology, agriculture, and skill development. Deep and his team have a demonstrated business model awaiting the scale-up to the next level with the upcoming IPO. At SKI Capital, we aim to deliver opportunities for value creation – partnering with companies that offer potential for scalable, sustainable, and stable growth”.

AVPL is focused on ‘Creating a pool of Dronepreneurs and Agripreneurs’ through structured training programmes supported by the Government. By leveraging government subsidies and financial partnerships, AVPL aims to empower individuals with Agri-Drones, enabling them to explore entrepreneurial opportunities in the agricultural sector. Drones manufactured by the company will be available for sale to Dronepreneurs and qualified Drone Pilots in compliance with Government of India regulations. The company has established a Drone Production unit in Jhajjar. It is in the process of establishing a Manufacturing Unit in the “Aviation Hub” in Hisar, Haryana, for R&D and application testing. Besides, AVPL has 11 centres of excellence for Agriculture and drone training across Haryana, Gujarat, Uttar Pradesh, Madhya Pradesh, and Rajasthan. AVPL subsidiary SPH Aviation has one approved RPTO at Gurugram, whereas two more in Sirsa and Sonipat have been submitted to DGCA. Another 8 RPTO applications on their existing Training facilities are in line to submit with DGCA in the next 15-30 days.

AVPL has already collaborated with multiple states, NSDC and NACOF to create Drone Entrepreneurs and Agri Entrepreneurs across India 

AVPL’s total revenue for FY23 stood at Rs. 21.44 crore, compared to Rs. 11.29 crore in FY22. Its EBIDTA for FY23 was Rs. 8.29 crore, compared to Rs. 2 crore in FY22. The company has posted a PAT of Rs. 4.81 crore in FY23 as against Rs. 25.73 lakh in FY22. During Q1FY24, AVPL’s consolidated revenues stood at Rs. 9.62 crore, and EBITDA was Rs. 3.66 crore. PAT for Q1FY24 stood at Rs. 2.34 crore. Its revenue growth was primarily driven by, in the past two years, an increase in the number of students trained by the company. The pre-issue shareholding of the Promotor Group stands at 74.16% as of the date of filing the DRHP. AVPL has 113 employees.

For more information, please visit: https://avplinternational.com/ 

Kotak Alternate Asset Managers’ Iconic Fund raises Rs 1000 crore

MUMBAI, 31 OCTOBER, 2023 (AMN): Kotak Alternate Asset Managers Limited (KAAML) today announced that its Kotak Iconic Fund has successfully raised Rs 1,000 crore. The open-ended fund has been conceptualised as an equity multi-advisor portfolio solution. The fund has maintained a flexible approach by adopting diversified active and passive strategies across market capitalisation and tactical allocations.

In today’s dynamic investing landscape, investors are finding it increasingly difficult to keep up with rising volatility and ever changing market environment, which makes it challenging for investors to build and maintain equity portfolios across market cycles. Kotak Iconic Fund solves for this with its disciplined framework-based investing & risk management to deliver a smooth investing journey.

Lakshmi Iyer, CEO – Investments and Strategy, Kotak Alternate Asset Managers Limited said, "The journey to Rs 1,000 crore in AUM has been marked by unwavering dedication, resilience, and the trust of investors who have chosen Kotak Iconic as their preferred investment vehicle in the Indian equities space. Kotak Iconic Fund helps bring efficiency and operational ease to investor’s equity journey. The fund's team of seasoned professionals consistently identifies investment strategies that align with the fund's investment objective.”

Nishant Kumar, Head of Discretionary Portfolio Solutions, Kotak Alternate Asset Managers Limited said, “Kotak Iconic offers investors a one-stop solution for their equity allocation that dynamically handles strategy selection, allocation and performance monitoring. Kotak Iconic Fund is built on a foundation of rigorous research, disciplined framework-based investing, risk management and a deep understanding of the Indian economic landscape.”

Kotak Iconic Fund is setup as a category III Alternative Investment Fund (AIF) under SEBI regulations, managed by Kotak Alternate Asset Managers Limited, the alternate asset management arm of the Kotak Mahindra Group. 

Kotak Iconic Fund is also enabled to accept inflows from five offshore jurisdictions, including the US, UK, Singapore, DIFC and Hong Kong providing a convenient investing platform for non-residents to access Indian equity markets. KAAML under the brands, Kotak Optimus and Kotak Iconic offers multi-asset and equity discretionary portfolio solutions to both resident and non-resident investors having varying investment objectives.

About Kotak Alternate Asset Managers Limited 

Kotak Alternate Asset Managers Limited, erstwhile Kotak Investment Advisors Limited, is a part of Kotak Mahindra Group (Kotak), focuses on alternate assets management and investment advisory businesses. The company was set up in early 2005 and has raised/managed/advised over US$ 18 billion across different asset classes including Private Equity, Real Estate, Infrastructure, Special Situations, Data Centre and Private Credit. KAAML also has a significant Investment Advisory business, and all asset management and Investment Advisory businesses are managed by independent teams. 

Aura Art presents Solo Show of Sanjay Kumar titled "Aura of Silence"

MUMBAI, 30 OCTOBER, 2023 (AMN): Solo Show of Sanjay Kumar was inaugurated at Aura Art's new dedicated Gallery Space at Ground Floor, Unit No 4, TV Industrial Estate, Worli, Mumbai by Mr Ashok Kumar Goel (Chairman, EsselWorld Water Kingdom), Mr Anand Desai (Managing Partner, DSK Legal), Mr Manish Chokhani (Director, Enam Holdings Pvt Ltd), Mr Praful Sanghrajka (Managing Director, Technofire Protection Services Pvt Ltd) and Ar Sonia Gehlot (Principal Architect, Architecture & Beyond).  The inauguration was accompanied by release of Book "Sanjay Kumar - The Traveller of Rational Path", written by Nikhil Purohit and published by Bihar Museum.

Sanjay Kumar acquired BFA in Painting (First Class) from the College of Arts & Crafts, Patna University, in 1988. He has held solo shows and his artworks have featured prominently in significant group exhibitions in India and abroad. He has been richly decorated with various other awards. Sanjay Kumar held a highly successful Mid-Career Retrospective Exhibition, curated by Nikhil Purohit, at the prestigious Bihar Museum in Patna in January 2023.

Words are hurdles when silence sings volumes in the artworks in this Show "Aura of Silence". Holding the leading and enriching hand of Buddhist teachings and way of life, this artist has transformed his art practice and life into a personification of the Buddhist way of life. Silence becomes the primary factor in all artworks, as does the deep rooted understanding of life and its truths. The works become relevant as they focus upon the kaleidoscopic essence of the teachings of Buddha. The symbolism and also the depiction of a spiritual aura which emanates from the works, addressing the inner spirit of all of humanity, bring to the viewer the very core of the philosophy.

Aura Art is India's leading Art Promotion House, promoted by Mr Daljit Singh Sethi and his sons Harmeet and Rishiraj, to fill the gaps in the Indian Art Industry - identifying and discovering value amongst the best of Indian art, utilising every available platform to promote art, assisting art lovers in building and maintaining their collections, working closely with the design space to meet their aesthetic requirements - with an aspiration to migrate to a fully Integrated Art House.  After having organised more than 60 shows across the country over the last 15 years, Aura Art is now launching its dedicated gallery space for display of art at Worli.Ends

‘Sasarwadi’ Explore the food culture of Maharashtra at CBD Belapur, Navi Mumbai

MUMBAI, 26 OCTOBER, 2023 (AMN): A new restaurant Sasarwadi has opened in sector- 11, CBD Belapur, Navi Mumbai. The word Sasarwadi means to visit the in-laws' family. The name of the restaurant came as it is said that nobody treats you well like your in-laws especially with food and hospitality. This "Sasarwadi" was recently inaugurated by the famous actress Prajakta Mali. 

Adv. Sonali Dhamanikar has started a restaurant called "Sasarwadi" at CBD Belapur and she says that her dream of opening a restaurant of Maharashtrian culture has finally come true. Speaking on the occasion Sonali Dhamanikar said, “ I am super happy to see my dream become reality. My main motto with this place is to feed people authentic Maharashtrian food from all areas of the state. Usually when we go to other restaurants we do not find pure and authentic Maharashtrian food. I want people to come here and see how food is made in a typical marathi family and get to know more about our food culture. Being a foodie myself I will make sure that people enjoy the meals served here.”

Prajakta Mali while visiting the place mentioned, “I am a pure Vegetarian. My favourite cuisine is the Maharshtrian cuisine like Massvadi, Puranpoli, Srikhand Puri, Pitthale Bhakari. I am too excited to taste the food served here. Food lovers must visit here & taste the Maharashtrian Dishes”

'Sasarwadi' includes traditional dishes from Maharashtra like Zhunka Bhakari, Pithla Bhakari, Massvadi Rassa, Puran Poli, Shrikhand Puri, Bharli Vangi, Phodniche Varan, Katachi Aamti, God Shira, Kande Pohe, Misal Pav, Sabudana Khichadi, Puri Bhaji, Kothimbir Vadi.Ends

FUEL Felicitates 90 Underprivileged Girl Students with Scholarships on its 17th Foundation Day

• The distinguished presence of Shri Rahul Narvekar, the Honorable Speaker of the Maharashtra Legislative Assembly, graced the felicitation ceremony. 

• Industry Leaders and policymakers congregate for the Future Skills Summit at FUEL's 17th Foundation Day Celebration 

PUNE 9th OCTOBER, 2023 (AMN): FUEL, a non-profit organization dedicated to empowering marginalized youth, celebrated its 17th Foundation Day in Pune, reaffirming its commitment to uplift underprivileged communities. The event featured engaging activities and included the awarding of scholarships to 90 unprivileged female students, showcasing FUEL's dedication to improving lives through skill development and vocational training. Eminent personalities, policymakers, industry leaders, and government delegates were present at the momentous occasion.

The main highlight of the celebration was the Future Skills Summit. The summit was graced by renowned industry leaders and policymakers. The summit delved into future skills, talent acquisition, and innovation in CSR in education and skill development. Notable guests included Hon’ble Speaker of Maharashtra Legislative Assembly Shri Rahul Narvekar, Social Worker and Corporator BMC,  Harshita Narvekar, Vice-President Hitachi Air Conditioning India, Col. Rajesh Ohol, Vice President Corporate Communications Bajaj Group, Sanjay Ojha, Director-International Business Serum Institute of India, Parag Deshmukh, Chief Sustainability Officer LTI Mindtree, Paneesh Rao, Founder and Chairman of FUEL, and FUEL Business School (FBS), Ketan Deshpande and Santhosh Huralikoppi, Chief Mentor at FUEL.

The foundation day featured various programs, including a touching ceremony where 90 deserving female students from underprivileged backgrounds were awarded scholarships. These scholarships were part of an MoU between FUEL, LTI Mindtree, and the Oracle Scholarship Program, specifically for female PGDM students at FUEL Business School (FBS). The goal is to empower these students for higher education and promising careers. The event also included the unveiling of "FUEL Hope Stories," a book showcasing the perseverance of FUEL students, and the launch of the Saksham Digital Skill Program. This program equips student leaders with essential skills like computer literacy, coding, data analysis, online communication, cybersecurity, and proficiency with digital tools and software applications. 

The guest of honor Shri Rahul Narvekar, Honorable Speaker, Maharashtra Legislative Assembly said, " On FUEL's 17th Foundation Day, I congratulate Ketan Deshpande and the entire team for their outstanding work in empowering underprivileged youth through skill development, training, and scholarships. Their commitment to social progress, evidenced by collaborations with major MNCs and NITI Ayog, is commendable. Providing over 1 million career counseling sessions has been pivotal in guiding countless individuals toward meaningful careers. I extend my best wishes for continued success as FUEL enters a new phase with its university campus.

The Host Mr. Ketan Deshpande, Founder and Chairman of FUEL and FUEL Business School Said, “On our 17th Foundation Day, I'm proud to acknowledge progress in supporting underprivileged students. While witnessing positive outcomes is gratifying, I recognize more must be done. The ongoing success of our mission to empower every student relies on unwavering support from stakeholders. Together, we must continue striving for our goal, ensuring no student is left behind in their pursuit of knowledge and empowerment. We have envisioned a future with equal access to career opportunities for every student, achieved through proactive initiatives like endowment scholarships, volunteer-guided internships, blended learning, and collaboration with social organizations for on-the-ground implementation. 

FUEL has  a big influence on over 45,976 girl students since 2007 by emphasizing education, employability, and empowerment. The organization has played a crucial role in enhancing skills and employability among underprivileged populations across states. With a track record of providing education, granting 10,000+ scholarships, and equipping over 98,667 individuals with skills, FUEL has facilitated placements for 62,753+ youths in diverse careers, supported 350 entrepreneurs, and conducted 1 million career counseling sessions. FUEL's Career EduConnect initiative targets students from Class 7 to Class 12, offering insights into education and career paths to address unemployment. The organization provides courses in Digital Marketing, Artificial Intelligence, Internet of Things, and 3D Printing, empowering marginalized communities for improved employability.Ends

Solo exhibition of paintings titled 'DESIRE & DIVINITY' by Puja Aggarwal being hosted at Nehru Centre Art gallery, Worli, Mumbai, From 10th to 16th Oct, 2023

MUMBAI, 9th OCTOBER, 2023 (AMN): Puja Aggarwal’s exhibition of Oil Paintings at Nehru Center Art Gallery, Discovery of India Building, Dr. Annie Besant Road, Worli, Mumbai from 10th to 16th Oct, 2023. 11 am to 7pm is must visit as it is a manifestation of the brilliance that is Indian Contemporary Art. Her works are a breath of fresh air in the creative world of Mumbai.

A resident of Mumbai for 8 years, this is her first solo exhibition of oil paintings & sketches in Mumbai, having held exhibitions in Delhi before. An MBA by education, her first love is Art. Though she worked in a Management Consultancy, she preferred to follow her heart and preferred to have a brush in hand. 

Training at Triveni Kala Sangam under the guidance of Mr. Rameshwar Broota, provided the perfect mold for her creativity. Art helped to deeply feel and understand the shades of life. 

The process of creativity in her works calls for an exploration of the subconscious mind. The artist dives within and comes out with fascinating images of life with its realities and mysteries. Nature inspires her. It moves to peace and stillness and also moves the mind to a journey of inner experiences. 

Art has grown, imposed itself & acquired an immediacy of expression in her life. The concerns and explorations of the myriad colors of human life continue……

The exhibition brings out the essential duality of the journey of desire & with it, its realities and illusions. The paintings force you to explore your inner self and spur you to a spiritual journey of love, desire & divinity. They are not mere imageries, but reveal the higher realms of consciousness, tranquility & eternal peace. 

The expression of beauty in one’s life moves in goodness and love towards the infinite. You come a full circle, you find it in your soul and in your present. The journey of life continues in time and space, in joys and sorrows. it stops, congests, retains & you continue……

Artist: Puja Aggarwal.  Mob. 9004043989 Email: aggarwalpuja16@gmail.com

‘PICHWAI: एकम भगवान अनेक अवतार’ Traditional Indian paintings, Miniature by Rajasthan Best Awarded Artist M. B. Sharma At Jehangir Art Gallery, Kala Ghoda From 9th to 15th Oct, 2023

MUMBAI, 8th OCTOBER, 2023 (AMN): The Jehangir Art Gallery in Mumbai is showcasing an exclusive collection of Pichwai art of Mewar (Rajasthan) by the renowned artist and Rajasthan State Best Artist Awardee Mr. Mukesh Bhanwarlal Sharma, from B. G. Sharma Studio Arts, Udaipur.

Mr. M. B. Sharma, an ardent disciple and son of Shri. B. G. Sharma is solely responsible for carrying forward the legacy of his father. With more than 50 years of experience in traditional style of art, Mr. Sharma has developed a set of paintings in various traditional school of art, Pichhwai being the most popular amongst them. He is the Master trainer at the B. G. Studio Arts where he imparts his knowledge to the students on the lines of the B. G. Sharma style of painting. His collection of paintings at the B. G. Sharma Studio Arts is an asset and a sight to behold. He believes in the Gandhian principle of ‘Simple living, High thinking’ which is very well reflected in his style.

The exhibition at Jehangir Art Gallery was inaugurated by Shri Rajendra Patil (President of The Bombay Art Society, Founder & Managing director, India Art Festival and Editor of Indian Contemporary Art Journal) on October 9, 2023 and will be open for the art lovers till October 15, 2023.

Pichhwai, a sub-style of Nathdwara style (Mewar School of painting), is a traditional art form in which the painting is made on a cotton cloth. The subjects are mainly focused on Shreenath Ji (Child form of Shree Krishna) and Krishna Leela like Radha-Krishna Jhula, Radha Krishna with cows, Krishna and Gopis, Gita Updesh, Gau Prem etc, Another intriguing feature of Mr. Sharma’s style is the use of natural colours extracted from semi precious stones, use of real gold and silver which makes these paintings long-lasting, all the more attractive and one of a kind. Hence, do not miss the opportunity to witness the masterpiece Pichhwai art in its purest form at Jehangir Art Gallery, Kala Ghoda from 9th to 15th October, 2023 from 11 am to 7 pm.Ends

मणप्पुरम फायनान्स प्रमोटेड असिर्वाद मायक्रो फायनान्स लिमिटेडने रु. 1500 कोटी IPO साठी ड्राफ्ट पेपर फाइल केले

मुंबई, 5 ऑक्टोबर, 2023 (AM News/ बबिता): आशीर्वाद मायक्रो फायनान्स, सूचीबद्ध NBFC मणप्पुरम फायनान्सची उपकंपनी, एक नॉन-बँकिंग फायनान्स कंपनी - मायक्रोफायनान्स संस्था ("MFI") कमी उत्पन्न असलेल्या महिलांना मायक्रोफायनान्स कर्ज देते, सामाजिक आणि आर्थिकदृष्ट्या वंचित लोकांची सेवा आणि सक्षमीकरण करते, या कंपनीने प्रारंभिक सार्वजनिक ऑफर (IPO) साठी निधी उभारण्यासाठी भांडवली बाजार नियामक सेबीकडे ड्राफ्ट रेड हेरिंग प्रॉस्पेक्टस (DRHP) दाखल केला आहे. 

IPO चे दर्शनी मूल्य रु 10 प्रति शेअर आहे आणि ते रु.1500 कोटी पर्यंतच्या इक्विटी शेअर्सचे नवीन इश्यू आहे, कोणत्याही ऑफर फॉर सेल (OFS) घटकाशिवाय 

हा इश्यू बुक-बिल्डिंग प्रक्रियेद्वारे केला जात आहे, ज्यामध्ये इश्यूच्या 75% पेक्षा कमी पात्र संस्थात्मक खरेदीदारांना समानुपातिक आधारावर वाटपासाठी उपलब्ध असेल, तर 15% पेक्षा जास्त इश्यू गैर-संस्थात्मक बोलीदारांना वाटपासाठी उपलब्ध असतील आणि 10% पेक्षा जास्त इश्यू किरकोळ वैयक्तिक बोलीदारांना वाटपासाठी उपलब्ध असतील. 

कंपनी, इश्यूसाठी आघाडीच्या बँकर्सशी सल्लामसलत करून, 300 कोटी रुपयांपर्यंत ("प्री-आयपीओ प्लेसमेंट") रोख विचारात घेण्यासाठी खाजगी प्लेसमेंटवर इक्विटी शेअर्सच्या आणखी इश्यूचा विचार करू शकते. असे प्लेसमेंट पूर्ण झाल्यास, ताज्या इश्यूचा आकार कमी केला जाईल. 

DRHP नुसार, ताज्या इश्यूमधून मिळालेल्या निव्वळ उत्पन्नाचा वापर भविष्यातील व्यवसाय आवश्यकता पूर्ण करण्यासाठी आणि आर्थिक वर्ष २४ मध्ये वापर करण्याच्या योजनेसाठी कंपनीच्या भांडवली पायामध्ये वाढ करण्यासाठी केला जाईल.

आशीर्वाद  मायक्रो फायनान्सने 2008 मध्ये तामिळनाडूमध्ये फक्त दोन शाखांसह आपला प्रवास सुरू केला. 31 मार्च, 2023 पर्यंत 450 जिल्ह्यांचा समावेश असलेल्या 1684 शाखांच्या नेटवर्कद्वारे 22 राज्ये आणि 4 केंद्रशासित प्रदेशांमध्ये आपली उपस्थिती असावी म्हणून गेल्या काही वर्षांमध्ये याने भारतभर आपला विस्तार केला आहे. 

मार्च 31, 2023 पर्यंत ती मायक्रोफायनान्स पोर्टफोलिओमधील 3.25 दशलक्ष सक्रिय कर्जदारांना सेवा देते जी व्यवस्थापनाखाली बहुतेक असेट्स  करत होते. ही कंपनी सोन्यावरील कर्जाची देखील पूर्तता करते आणि एमएसएमई कर्ज प्रदान करते

तिची भौगोलिक पोहोच लक्षात घेता ती भारतातील सर्वात मोठी NBFC MFI आहे आणि व्यवस्थापनाखालील मालमत्ता आणि ग्राहकांच्या संख्येच्या बाबतीत तिचे तिसरे स्थान आहे. राज्याच्या उपस्थितीच्या बाबतीत आणि देशातील शीर्ष 10 NBFC MFI च्या तुलनेत शीर्ष 3 राज्यांमध्ये सर्वात कमी एकाग्रता राखण्याच्या बाबतीत ती दुसऱ्या क्रमांकावर आहे 

आशीर्वादने आर्थिक वर्ष 23 मध्ये केवळ त्याच्या क्लायंट बेसमध्येच भरीव वाढ केली आहे असे नाही, जिथे ती 16% पेक्षा जास्त वाढली आहे, तर प्रत्येक शाखेच्या वितरणाच्या बाबतीतही ती आघाडीवर आहे.

आर्थिकवर्ष 2022-23 साठी, आशीर्वाद मायक्रो फायनान्सकडे 10,040.89 कोटी रुपयांची AUM (व्यवस्थापनाखाली मालमत्ता) होती, 2021-22 च्या आर्थिक वर्षासाठी ती 7,002.18 कोटी होती. आर्थिक वर्ष 21-22 मधील रु.15.26 कोटीच्या तुलनेत आर्थिक वर्ष 22-23 मध्ये तिचा करानंतरचा नफा रु.218.13 कोटी होता, ज्यामुळे MFI पीअर ग्रुपमध्ये वर्ष-दर-वर्ष वाढीच्या दृष्टीने ती दुसरी सर्वोत्तम कंपनी बनली आहे. 

आर्थिक वर्ष 2023 मध्ये, तिने अनुक्रमे 17.09% आणि 2.63%, इक्विटीवर तिसरा-उच्चतम परतावा दिला आणि MFI पीअर ग्रुपमधील मालमत्तेवर चौथा-उच्चतम परतावा पोस्ट केला. 

जेएम फायनान्शियल लिमिटेड, कोटक महिंद्रा कॅपिटल कंपनी लिमिटेड, नोमुरा फायनान्शियल अॅडव्हायझरी अँड सिक्युरिटीज (इंडिया) प्रायव्हेट लिमिटेड आणि एसबीआय कॅपिटल मार्केट्स लिमिटेड हे बुक-रनिंग लीड मॅनेजर आहेत आणि लिंक इनटाइम इंडिया प्रायव्हेट लिमिटेड हे ऑफरचे रजिस्ट्रार आहेत. इक्विटी शेअर्स बीएसई आणि एनएसईवर सूचिबद्ध करण्याचा प्रस्ताव आहे. 

Vibhor Steel Tubes files draft papers with Sebi to raise Rs 66.47 crore via IPO

MUMBAI, 5th OCTOBER, 2023 (AMN):  Vibhor Steel Tubes, the two-decade-old manufacturer of steel pipes and tube products, has filed preliminary papers with the capital markets regulator Sebi to raise Rs 66.47 crore via an initial public offering (IPO). 

The offer consists of only a fresh issue by the company and there is no offer-for-sale component. The company will utilise net fresh issue proceeds mainly for working capital. The company’s offering comprises a fresh issue of equity shares (face value Rs. 10 each), aggregating to an issue size of up to Rs. 66.47 crore, through book-building route. There will be no Offer for Sale component. 

The company will utilise net fresh issue proceeds mainly for working capital requirements of Rs 55 crore, and the remaining for general corporate purposes. The company has appointed Khambatta Securities Limited as Lead Manager to the Issue and KFIN Technologies Limited as the Registrar to the Issue. 

The company will utilise its net proceeds from the issue to fund its working capital requirements. The company’s equity shares are proposed to be listed on the NSE and BSE. The company will utilise net fresh issue proceeds mainly for working capital requirements of Rs 55 crore, and the remaining for general corporate purposes. 

The company has appointed Khambatta Securities Limited as Lead Manager to the Issue and KFIN Technologies Limited as the Registrar to the Issue. The company will utilise its net proceeds from the issue to fund its working capital requirements. The company’s equity shares are proposed to be listed on the NSE and BSE. VSTL manufactures steel products such as Electric Resistance Welded Pipes, Hot-dipped Galvanized Pipes, Hollow section pipes, Primer painted pipes, SS Pipes and Crash Barriers at its plants located in Maharashtra, Telangana and Haryana with a total capacity of 2,23,160 MTPA. 

The company supplies its products to western and southern market companies in Maharashtra, Gujarat, Madhya Pradesh, Telangana, Karnataka and Tamil Nadu. 

Commenting on this, Vijay Kaushik, Chairman and Executive Director, Vibhor Steel Tubes Limited, said, “Our consistent efforts in manufacturing and supplying the best quality steel products over the years have paid off in the form of satisfied clientele across India. As we are all set to explore new opportunities and geographies for our products and strengthen our supply chains, we are raising funds through IPO. In an industry laden with unstable policy regimes, we have successfully built the product line and have been part of the domestic manufacturing narrative for a while now.” The company has mapped out business plans to expand its operations by setting up a manufacturing unit with a capacity of 1,20,000 MTPA in Orissa and expanding the current unit’s capacity in Telangana from 96,000 MTPA to 1,52,000 MTPA. VSTL has also entered into an agreement with Jindal Pipes Limited in April 2023. As part of the agreement, the company manufactures and supplies finished goods worth 1,00,000 MTPA to “Jindal Pipes Limited, which sells the products under the brand name “Jindal Star”. 

The company’s total revenue for FY23 stood at Rs. 1,112.11 crore compared to Rs. 817.99 crore in FY22. Its EBIDTA for FY23 was Rs. 46.84 crore, compared to Rs. 30.18 crore in FY22. The company’s PAT was 21.06 crore in FY23, compared to Rs. 11.33 crore in FY22. In the last five years, finished steel production has grown at a CAGR of 4.8% to 122 MT in FY23 from 101 MT in FY19. 

The production growth has been backed by a rise in domestic steel consumption on account of growing economic activities in the country, supported by an increase in infrastructure and construction spending by the government and a rise in automobile and consumer durable demand, among others. During YTD FY24, finished steel production grew by 13.4% on a y-o-y basis, backed by strong demand in the domestic market.Ends