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Sprayking Agro Equipment has approved the issuance of 8.40,000 convertible warrants on a preferential basis to foreign investors, Nexpact and AG Dynamic Fund. The warrants are priced at Rs 207 per warrant, with a premium of 7.76% charged to the new investors.
The funds raised through this issuance will be instrumental in advancing Sprayking Agro Equipment's mission to become a leading manufacturer of brass components, including fittings, forging equipment, transformer parts, and other customized brass components.
The company recently acquired a new manufacturing facility in Jamnagar, Gujarat, enabling it to produce brass and forging components. It has also acquired a 51% stake in Narmada Brass Industries to expand its business and meet new demand for orders.
Hitesh Dudhagara, the managing director of Sprayking, stated that the funds raised will be utilized for working capital and strategic investments to expand the business both organically and inorganically, taking it to the next level. As part of their expansion strategy, Sprayking plans to grow through acquisitions and the launch of innovative products. The recent introduction of products like the section rod for electrical industries and rod for bathroom fittings is expected to gain traction in the market and contribute to future growth. The decision to raise funds has been carefully considered, aligning with their core values, strategic goals, market trends, and business needs. By raising these funds, Sprayking aims to grow exponentially, improve their offerings, explore new opportunities, and fulfill the order requirements of existing and potential customers, he added.
Sprayking Agro Equipment is a manufacturing company specializing in brass components and parts, including fittings, forging equipment, transformer parts, and other customized brass components. The company is actively involved in manufacturing and trading agricultural sprayer parts, garden fittings, extruded brass rods, brass fittings (including lead-free brass fittings), and forging specialties. Sprayking has a strong global presence, serving clients in the USA, Europe, Australia, Canada, South Africa, UAE, and India.
Net profit of Sprayking Agro Equipment surged 166.67% to Rs 0.08 crore on 91.64% increase in net sales to Rs 5.27 crore in Q1 June 2023 over Q1 June 2022.
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