Sprayking Agro Equipment Ltd. Board Approves Fund Raise, To Issue Warrants on Preferential Basis to FIIs
Sprayking Agro Equipment Limited, a leading manufacturer in the agricultural industry, has informed that the Board of the Company has approved raising of funds through convertible warrants on preferential basis, subject to relevant regulatory approvals.
The board has inter-alia considered and successfully approved the raising of fund through Issuance of total 8,40,000 Convertible Warrants on a Preferential Basis at price of Rs. 207 per warrant to foreign investors namely Nexpact Limited and AG Dynamic Fund Limited. Current market price is Rs. 190 Rs. Company has charged premium of 9% to new investors.
The Company had received interest from multiple investors including but not limited to HNIs, Domestic as well as foreign investors, after discussion the Company has decided to give stake to foreign investors who can bring value in the Company and motivates the vision of the Company. The funds raised will play a pivotal role in advancing our mission to become one of leading manufacturer of brass components and parts, including fittings, forging equipment, transformer parts, and other customized brass components.
The Company has recently acquired its new manufacturing facility at Jamnagar, Gujarat. The unit will be manufacturing brass and forging components/parts similar to the existing manufacturing facility of the Company. This new Manufacturing facility is spread over 3,000 sq. mtr. The addition of this manufacturing facility will strengthen Company’s presence in the market.
Sprayking Agro Equipment Limited has recently acquired 51% stake in M/s. Narmada Brass Industries in order to expand the business. Established in 2019, Narmada BrassIndustries is partnership firm started by Mr. Hitesh Dudhagra. Narmada Brass has its own manufacturing unit of copper brass products. The manufacturing plant has capacity of 2000 ton per annum of forged products. With this acquisition the Company is growing by leaps and bounds and catering to new demand of orders from domestic as well as export Market.
Company is growing in organic and inorganic wayS to achieve vision and mission of the Company. The fund which is being raised shall be used for growth of the Company and in turn growth of the stake holders.
Established in 2005, Sprayking Agro Equipment Limited is engaged in the manufacturing of brass components and parts, including fittings, forging equipment, transformer parts, and other customized brass components. Sprayking is a renowned manufacturer specializing in copper forging products. With a commitment to quality craftsmanship and exceptional design, Sprayking aims to provide customers with a diverse range of functional and decorative copper products. Sprayking is in the business of mam1facturing and trading of agricultural sprayer parts & garden fittings, extruded brass rods, brass fittings & lead free
brass fittings and forging specialty. The Company has a truly global presence with an unparalleled clientele in USA, Europe, Australia, Canada, South Africa, UAE & India. The high quality Products, Technical knowledge & infrastructure enable Company to encompass global markets.
Sprayking, a leading forging company renowned for its commitment to innovation and excellence, has its state-of-the-art Research and Development (R&D) facility. This cutting-edge facility represents a belief or Company in advancing forging technologies and processes, further solidifying Sprayking’s position as an industry leader in its region.
Management Comment:
Commenting on this development, Mr. Hitesh Dudhagara, Managing Director of Sprayking said:
We are immensely grateful for the incredible outpouring of support we received from multiple investors. These funds will be used for working capital and in other strategic investment to grow the business in an organic and inorganic way and that will enable us to expand our business and that will enable us to expand our business to the next Level. This success is a testament to the unwavering commitment of our supporters to make a lasting difference.
We at Sprayking excel at manufacturing and supplying of brass components like agricultural sprayer parts, garden fittings, ball valves, Non-Return Valves (NRVs), turning components, brass pipe, plumbing fillings, sanitary fittings, brass compression fillings, extruded brass rods, brass fittings, lead-free brass fittings, and forging specialty, which are used in agricultural equipment, electronics, industrial machinery, hardware, sanitary fittings, among, others. Our capabilities comprise of a solar powered robust manufacturing facility which includes 100% in-house production process of Scrap Sorting, Foundry, Extrusion, Forging, Machining, Polishing, Laboratory, Testing Department, inspection, and Packing.
We plan lo expand Sprayking through acquisitions and rolling out innovative products. Our R&D team is renowned for its steadfast commitment to innovation and excellence. Additionally, our state-ofthe-art facility stands as a testament to the company’s dedication towards advancing forging technologies and refining processes. Recent introductions, notably the section rod for electrical industries and rod for bathroom fittings, are expected to gain traction in the market which will contribute to the topline in upcoming quarters. We intent to maintain high standards for our brass products through strict adherence to in-house Quality Assurance Policy that acts as a competitive edge within the market.
The decision to raise finds has been carefully considered, taking into account its alignment with our core values, strategic goals, market trends and most importantly our business needs. By raising these funds the Company will grow multifold and with the access of additional funds, The Company will have better capabilities to fi1rther enhance the offerings, explore new opportunities and fulfill order requirements of our existing and potential customers.
We want to assure our valued stakeholders, including employees, customers. and partners, that this fund raising is in line with our long-term strategic vision. We remain fully committed to our core business and will continue to prioritize the satisfaction of our existing customers while pursuing growth opportunities that align with our values and strategic objectives”