Key Quantitative Figures

  • Total Issue Size: ₹150,99,96,068 (One Hundred Fifty Crores Ninety-Nine Lakhs Ninety-Six Thousand Sixty-Eight Only)
  • Equity Shares: 12,62,131 shares of ₹5 face value at ₹721 per share (₹716 premium)
  • Equity Warrants: 8,32,177 warrants convertible into equity shares at ₹721 per warrant
  • Net Proceeds: ₹146,46,96,186 after estimated issue expenses of ₹4,52,99,882 (3% of gross proceeds)
  • Utilization Breakdown:
  • Capital expenditure: ₹80,00,00,000 (54.62% of net proceeds)
  • Working capital: ₹36,00,00,000 (24.58% of net proceeds)
  • General corporate purposes: ₹30,46,96,186 (20.80% of net proceeds)

Parties Involved

Proposed Allottees (Non-Promoter Category):

1. Malabar India Fund Limited (FPI Category I) - 8,32,177 warrants (₹59,99,99,617)

2. ValueQuest India G.I.F.T Fund (FPI Corporate Category I) - 4,02,219 shares (₹28,99,99,899)

3. Whiteoak Capital India Opportunities Fund (AIF Category II) - 3,25,936 shares (₹23,49,99,856)

4. Motilal Oswal Financial Services Limited (Body Corporate) - 2,08,044 shares (₹14,99,99,724)

5. Whiteoak Capital Equity Fund (AIF Category III) - 76,282 shares (₹5,49,99,322)

6. Calliope Capital Advisors LLP (Body Corporate) - 69,348 shares (₹4,99,99,908)

7. Ashika Global Finance Private Limited (Body Corporate) - 27,739 shares (₹1,99,99,819)

8. Anantroop Financial Advisory Services Private Limited (Body Corporate) - 13,869 shares (₹99,99,549)

9. Umang Mahendra Shah (Individual) - 69,348 shares (₹4,99,99,908)

10. Jignesh Vijay Shah (Individual) - 27,739 shares (₹1,99,99,819)

11. Ramita Jain Nevatia (Individual) - 27,739 shares (₹1,99,99,819)

12. Anuj Arora (Individual) - 6,934 shares (₹49,99,414)

13. Bharvi Dharamsi Chandan (Individual) - 6,934 shares (₹49,99,414)

Other Parties:

  • Scrutinizer: Mr. Kashyap Shah (FCS: 7662) or Mr. Ranjitkumar Singh (FCS: 12564)
  • Registered Valuer: Bhavesh Rathod & Co. (IBBI/RV/06/2019/10708)
  • E-voting Service Provider: Bigshare Services Private Limited

Financial and Operational Impact

Capital Structure Impact:

  • Pre-issue paid-up capital: 2,86,10,049 equity shares
  • Post-issue capital (assuming full conversion): 3,07,04,357 equity shares
  • Promoter holding dilution: From 57.24% to 53.33%
  • Lock-in provisions: Applicable as per Regulation 167 of SEBI ICDR Regulations

Payment Terms:

  • Equity Shares: 100% payment on application
  • Equity Warrants: 25% payment on allotment (₹14,99,99,904.25), balance 75% on conversion (₹44,99,99,712.75)

Objects of Issue:

1. Capital expenditure for plant & machinery, civil works, factory building, R&D, technical know-how and clean energy projects for expansion and modernization

2. Funding working capital requirements

3. General corporate purposes

Specific Capex Plans:

  • Expansion of RIP bushings manufacturing to 550 kV range
  • Brownfield expansion of OIP bushing manufacturing capacity
  • Development of high-voltage and specialized bushing products
  • Procurement of specialized testing equipment and laboratory infrastructure

Additional Information

  • Valuation: Price of ₹721 per share/warrant is higher than valuer's assessment of ₹720.67
  • Relevant Date: June 15, 2026 for pricing calculation
  • Trading Data: 90-day VWAP: ₹628.90; 10-day VWAP: ₹720.67
  • Listing: Equity shares will be listed on BSE; warrants will not be listed
  • Compliance: Company confirms eligibility under ICDR Regulations, no wilful defaulters among promoters/directors
  • E-voting: Through Bigshare Services Pvt. Ltd. platform