This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEC6B00X_M.jpg
The raised capital will be utilized in part to fund city gas distribution network expansion in Namakkal and Tiruchirappalli, Tamil Nadu. Another ₹135 crore will be directed towards the prepayment or repayment of existing borrowings. The remaining funds will serve general corporate purposes.
IRM Energy operates across India with a network of 69 Compressed Natural Gas (CNG) stations. The company caters to a diverse customer base spanning industrial, commercial, domestic, and automobile sectors across various locations including Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), and Diu & Gir-Somnath (Daman & Diu).
The company has formed partnerships with Shizuoka Gas Co., Farm Gas Pvt Ltd., Venuka Polymers Pvt Ltd., Ni Hon Cylinders Pvt Ltd., and Mindra EV Pvt Ltd. for electric vehicle infrastructure. In Q2 2023, the company reported a revenue growth of 6.51% and a profit after tax increase of 31.01%. However, the profit for FY 2023 fell by 50.68% due to increased input gas cost.
Promoters Cadila Pharmaceuticals and IRM Trust hold a combined stake of 67.94%, with Cadila holding 49.50%. HDFC Bank Limited and BOB Capital Markets Limited are managing the issue, with Link Intime India Private Limited serving as the registrar. Following the IPO, the shares will be listed on BSE and NSE.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
