Credit and Finance for MSMEs: Gujarat-based waste hydrocarbon reprocessing company Hi-Green Carbon has filed the Draft Red Herring Prospectus (DRHP), also known as the ‘offer document,’ with NSE Emerge, the listing platform for small businesses. The company plans to roll out 76 lakh equity shares with a face value of Rs 10 each, as stated in a release on Thursday.
According to the release, 60 lakh equity shares will be issued as fresh shares, while 16 lakh equity shares will be offered for sale by the promoter group. Beeline Capital Advisors will work as the running lead manager for the offer, and Link Intime India will be the registrar to the office.
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At the time of filing the DRHP, RNG Finlease held 71.58 per cent of the pre-issue paid-up capital of the company, and the remaining 28.42 per cent was owned by Amitkumar Hasmukhrai Bhalodi, Dr Shaileshkumar Vallabhdas Makadia, Krupa Chetankumar Dethariya, Radhika Amirkumar Bhalodi, Shiryakumari Shaileshkumar Makadia, and Koosh Chetankumar Dethariya.
Hi-Green Carbon is a part of the Rajkot-based Radhe Energy Group, which primarily deals in recycling old types and has products including recovered Carbon Black (rCB), steel wires, fuel oil, and synthesis gas, among others.
According to the company’s statement, the funds will be utilised to set up a new facility in the Dhule district in Maharashtra with a recycling capacity of 100 MT waste tires every day, for which the company has already acquired 21,500 sq meters of land. Additionally, the company will utilize the fresh issue of shares for working capital requirements.
In FY 2023, the company reported a total revenue of Rs 79.03 crore, compared to Rs 51.13 crore in FY 2022. The net profit also increased to Rs 10.49 crore in 2023, from Rs 3.68 crore in 2022.