MUMBAI, 26 DECEMBER, 2023 (AMN): 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
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