Sprayking Agro Equipment Limited has approved raising of funds in its subsidiary Narmadesh Brass Industries Limited through Initial Public offer via board meeting dated November 17, 2023 subject to relevant regulatory Approvals.
The Company intends grow by leaps and bounds and this raising of funds in the Subsidiary Company is the strategic move by Sprayking in order to grow and expand the business operations. Sprayking owns Majority stake in the Narmadesh Brass Industries Limited. IPO of its subsidiary Company will further strengthen the consolidated financials of the Company.
Commenting on this development, Mr. Hitesh Dudhagara, Managing Director of Sprayking said: "We at Sprayking Agro Equipment Limited are thrilled to announce the recent approval by our Board for raising funds in our subsidiary, Narmadesh Brass Industries Limited, through an Initial Public Offering (IPO). This strategic move signifies our commitment to expansion and growth in our business operations.
Our decision to initiate the IPO in our subsidiary is a testament to our vision for accelerated progress and increased market presence. As Sprayking holds a majority stake in Narmadesh Brass Industries Limited, this step will undoubtedly fortify our consolidated financials and reinforce our position in the industry.
We extend our heartfelt gratitude to our stakeholders, partners, and employees for their unwavering support and dedication. Your trust and belief in our vision have been instrumental in our journey thus far, and we look forward to your continued support as we embark on this new phase of growth and expansion. Thank you for being an integral part of Sprayking's success story."
Recent remarkable Development in the Company:
The company just bought a new manufacturing facility in Gujarat's Jamnagar. Like the company's current manufacturing facility, the unit will produce brass and forging components and parts. This 3,000 square meter modern manufacturing plant is spread out. The company's market position will be strengthened with the installation of this production plant.
In an effort to grow the company, Sprayking Agro Equipment Limited recently purchased a 51% share in M/s. Narmada Brass Industries. Mr. Hitesh Dudhagra founded the partnership venture Narmada Brass Industries in 2019. Narmada Brass produces copper brass goods at its own production facility. The manufacturing facility can produce 2,000 tons of forged goods annually. With this acquisition, the business is expanding rapidly and meeting new orders from the domestic and international markets.
As previously stated, the company is expanding both organically and inorganically in order to fulfill its vision and goal. The money being raised will be put toward the company's expansion and the expansion of its investors.
Shares of Sprayking Agro Equipment Ltd was last trading in BSE at Rs. 231.65 as compared to the previous close of Rs. 226.10. The total number of shares traded during the day was 35462 in over 633 trades.
The stock hit an intraday high of Rs. 237.40 and intraday low of 225.85. The net turnover during the day was Rs. 8287038.00.