Gujarat Based Hi-Green Carbon Files DRHP with NSE Emerge
The company plans to offer up to 76 lakhs equity shares (face value of Rs 10/- each) through the book-building route.
![Gujarat Based Hi-Green Carbon Files DRHP with NSE Emerge](https://www.psuconnect.in/sdsdsd/ipo.jpg)
New Delhi: Hi-Green Carbon Ltd, the flagship company of Rajkot-based Radhe Group of Energy, today announced that it had filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The company plans to offer up to 76 lakhs equity shares (face value of Rs 10/- each) through the book-building route. Of these 76 lakh equity shares offered through the public offering, 60 lakh shares will comprise as issue of fresh shares, and the balance 16 lakh equity shares, will be an offer for sale by the promoter group.
Beeline Capital Advisors Private Limited is the book running lead manager to the offer, and Link Intime India Private Limited will be the registrar to the offer. The shares of the company will be listed on NSE Emerge.
Hi-Green Carbon is engaged in the business of waste tyre recycling. It follows continuous pyrolysis to process the end-of-life tyres (ELTs) pieces to produce energy components and raw materials. Its major products include Recovered Carbon Black (rCB) and Steel Wires under Raw Material Category, Fuel Oil and Synthesis Gas under the energy components category. Being highly energy efficient, the company uses the said synthesis gas, produced as a by-product of the pyrolysis process, for manufacturing sodium silicate, commonly known as raw glass.
Read Also : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshThe company will utilise the proceeds of the initial public offering to set up a new facility in the Dhule district of Maharashtra, with a recycling capacity of 100 MT waste tyres per day. The company has already acquired land admeasuring 21,500 sq. meters for the project. Apart from setting up a new project, the proceeds of the fresh issue of shares will be utilised for working capital requirements and other general corporate purposes.
For the year ended March 31st, 2023, Hi-Green Carbon reported total revenue of Rs. 79.03 crore compared to Rs. 51.13 crore for the year ended March 2022. Net profit stood at Rs. 10.49 crore as on March 31, 2023, compared to Rs. 3.68 crore.
Hi-Green Carbon Limited is a part of Radhe Group Energy, based at Rajkot, Gujarat. Dr. Shailesh Kumar Vallabhdas Makadia founded Radhe Group of Energy. The group's core focus is on Renewable Energy with a diversified, balanced portfolio stretching from manufacturing energy-saving equipment, waste recycling plants, engineering equipment, castings, Auto parts, Agriculture equipment, components, crumb rubber, consumer goods and packaging.
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaHi-Green Carbon was originally promoted by Amitkumar Hasmukhrai Bhalodi and Dr Shaileshbhai Makadia family in 2011. Subsequently, RNG Finlease Private Limited acquired a controlling stake in the company by purchasing equity shares between 2012 and 2017.
In 2022, Amitkumar Hasmukhrai Bhalodi, Dr. Shaileshkumar Vallabhdas Makadia, Krupa Chetankumar Dethariya, Radhika Amirkumar Bhalodi, Shiryakumari Shaileshkumar Makadia, and Koosh Chetankumar Dethariya acquired 54 lakh equity shares, constituting 28.42% of pre-issue paid up capital in the company, from RNG Finlease Private Limited. At the time of filing the DRHP, M/s. RNG Finlease continued to hold 71.58% of the pre-issue paid-up capital of the company.
Read Also : WAPCOS CMD met Safarzoda Manuchehr Bakhodur Hon’ble Deputy Minister of Energy and Water ResourcesNews Must Read
- Petroleum Minister Hardeep S Puri Highlights India’s Bioenergy Progress
- NBCC bags orders worth Rs. 182.50 Crore
- OMCs increases price of 19 kg commercial LPG cylinder by Rs 39
- HUDCO Issues Record Date For Dividend, Shares Rise 118% YTD
- NTPC Bongaigaon to Support TB Eradication Efforts; Partners with District Administration, Kokrajhar
- Solar Energy Corporation of India Ltd (SECI) attains Navratna Status
- Dr D K Sunil Takes Over as CMD (Additional Charge) of HAL
- DVC bags Champions Trophy for Corporate Sustainability at XLRI, Jamshedpur
- Minister Pralhad Joshi Visits IREDA Office, Reviews Company’s Strategic Growth Plan
- HAL Selects SAFHAL Helicopter Engines to Develop and Produce ‘Aravalli’ Engines