FII invested in Sprayking Agro Equipment Ltd
Nexpact Limited and AG Dynamic Fund Limited made investments in Sprayking Agro Equipment Ltd. Here’s a summary of the key points:
- Investment by Nexpact Limited and AG Dynamic Fund Limited:
- Nexpact Limited and AG Dynamic Fund Limited, both Mauritius-based foreign institutional investors (FIIs), have made an investment in Sprayking Agro Equipment Ltd.
- The investment was made through a preferential issue, and the small-cap company issued a total of 8,40,000 Convertible Warrants to these foreign investors at a price of ₹207 per warrant.
- The small-cap company charged a premium of 9% to these global investment firms for the preferential issues.
- Reason for Investment:
- Sprayking Agro Equipment Ltd received interest from multiple investors, including high-net-worth individuals (HNIs), domestic, and foreign investors.
- The company decided to give stake to foreign investors, namely Nexpact Limited and AG Dynamic Fund Limited, who can bring value to the company and support its vision.
- Utilization of Funds:
- The funds raised from this investment will play a pivotal role in advancing the company’s mission to become a leading manufacturer of brass components and parts, including fittings, forging equipment, transformer parts, and other customized brass components.
- Business Expansion:
- Sprayking Agro Equipment Limited has recently acquired a new manufacturing facility in Jamnagar, Gujarat, which will manufacture brass and forging components/parts, similar to its existing facility.
- The new manufacturing facility covers an area of 3,000 square meters and is expected to strengthen the company’s presence in the market.
- Additionally, the company acquired a 51% stake in Narmada Brass Industries, a partnership firm with its own manufacturing unit of copper brass products. This move aims to cater to new orders from both domestic and export markets.
These developments reflect the company’s growth strategy and its efforts to expand its manufacturing capabilities and market presence with the support of foreign institutional investors.
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