Gujarat based Rhetan TMT’s Rs. 56 crore public issue on BSE SME platform opens for subscription on August 22

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Mr. Shalin Shah, Managing Director, Rhetan TMT Ltd

Company to issue 80 lakh Equity shares of Rs. 10 face value at a price of Rs. 70 per share; Propose to list on BSE-SME Exchange

Highlights:-

·         Public issue opens for subscription from August 22 and closes on August 25

·         Minimum lot size for application is 2,000 shares; Minimum IPO application amount Rs. 1.4 lakh

·         Funds raised through the issue will be used to fund expansion plans, meeting working capital requirements for the company’s business activities and general corporate purposes

·         Proposes to expand production capacity to 45,000 MT per annum from 30,000 MT per annum currently

·         For the FY21-22 company reported revenues of Rs. 67 crore and Net Profit of Rs. 2.34 crore

·         Aryaman Financial Services Ltd is the lead manager of the issue

Ahmedabad, August 18, 2022: Public issue of Gujarat based Lesha Group company, Rhetan TMT Limited – one of the leading manufacturers of structured steel products including TMT Bars and Round Bars opens for subscription on August 22. Company received approval to launch its public issue on BSE SME Exchange Platform.  Company is planning to raise Rs. 56 crore through initial public offering to fund its expansion plans at Kadi, Gujarat, working capital requirements and general corporate purposes. Aryaman Financial Services Ltd is the lead manager of the issue. Public issue will close on August 25.

The initial public offering will comprise a fresh issue of 80 lakh equity shares of face value Rs. 10 each at a price of Rs. 70 per share (including a premium of Rs. 60 per equity share) aggregating upto Rs. 56 crore. Minimum lot size for the application is 2,000 shares which translates in to Rs. 1.4 lakh per application.

Issue proceeds will be used to fund company’s expansion plans and working capital requirements. Company has proposed to expand production capacity at its Kadi plant to 45,000 MT per annum from 30,000 MT per annum currently. Promoter group holding in the company currently at 62.62%. Post- issue the promoter group holding in the company will be 37.88%. Shares of the company will be listed on BSE SME platform.

Commenting on the development, Mr. Shalin Shah, Managing Director, Rhetan TMT Ltd said, “Due to strong historical growth we have decided to further expand our manufacturing capacities and hence decided to raise funds for expansion and working capital requirements. With the achievement of operational momentum, we are certain to be able to reach newer heights. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products.”

Incorporated in 1984, Rhetan TMT Ltd is part of Gujarat based Lesha Group. The diversified business group has business interests in sectors including Oil and Gas, Steel, Infrastructure, Electronic Equipments and Chemical Products. Rhetan TMT Ltd promoted by Mr. Shalin Shah and Ashoka Metcast Ltd. Company owns and operates a steel rolling mill with an aggregate installed capacity of 30,000 MT per annum and manufactures TMT Bars and Round Bars which are primarily used in construction industry. Company’s plant is located at Kadi-Kalol Road, Mehsana, Gujarat and is spread across 15,000 square yards. Company has reported CAGR growth of 83% in sales and 167% in EBITDA from FY20 to FY22. Sales in FY22 have increased to Rs. 67 crore on a strong EBITDA of Rs. 4.59 crore and Net Profit of Rs. 2.34 crore.

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The post Gujarat based Rhetan TMT’s Rs. 56 crore public issue on BSE SME platform opens for subscription on August 22 appeared first on Republic News Today.

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