The company will use proceeds of the issue to set up a new facility in the Dhule district of Maharashtra, with a recycling capacity of 100 metric tonnes of waste tyres per day
Hi-Green Carbon Ltd, the flagship company of Radhe Group of Energy, on Thursday fixed a price band of Rs 71-75 per share for its initial share sale that will open for public subscription on September 21.
At the upper end of the price band, the initial public offering (IPO) will fetch up to Rs 52.80 crore.
The IPO will close on September 25 and the anchor portion will open on September 20, Hi-Green Carbon said in a release, adding that the shares of the company will be listed on NSE Emerge.
The issue comprises a fresh issue of 59.9 lakh equity shares and an offer for sale (OFS) of 10.50 lakh equity shares.
The company will use proceeds of the issue to set up a new facility in the Dhule district of Maharashtra, with a recycling capacity of 100 metric tonnes of waste tyres per day.
The proceeds of the fresh issue will also be utilised for working capital requirements and other general corporate purposes.
The Rajkot-based Hi-Green Carbon is engaged in the business of waste tyre recycling.
Hi-Green Carbon reported a total revenue of Rs 79.03 crore in 2022-23, while its net profit stood at Rs 10.49 crore.
Beeline Capital Advisors Private Ltd is the book-running lead manager to the offer.