Gravita India Ltd Share Price – NSE /  BSE

Non Ferrous Metals, Small Cap

Gravita India will hold a meeting of the Board of Directors of the Company on 22 January 2025.

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Gravita India announced that Recyclers Ghana, a step down subsidiary of the company situated in Ghana, West Africa has started commercial production of Recycled Aluminum Alloys from its new recycling plant having an annual capacity of around 4,000 MTPA in phase-I. Going ahead company has plans to increase the capacity of said plant upto 8,000 MTPA.

The company is already having similar aluminum recycling facility in Senegal, Mozambique, Tanzania, Togo and India. Further, this is in line with the company's vision of replicating the recycling business in different geographies.

The Group has made investment of approx. Rs. 6.75 crore in phase-I for procurement and commissioning of the said Recycling Plant which is invested from internal accruals of the company.

The Company will be procuring domestic aluminum scrap for the purpose of production from this plant and it will cater to the needs of Automobiles and die casting industries situated in Europe & Asia. This plant will help company to change its sales mix by increasing the contribution from aluminum business.

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The qualified institutional placement (QIP), which commenced on 16 December 2024, concluded on 19 December 2024, with a total of 47,70,537 equity shares being allotted. The shares were priced at Rs 2,096.20 per share, resulting in an issue size of approximately Rs 1,000 crore.

The issue price of Rs 2,096.20 is at a discount of 5%, to the floor price of Rs 2,206.49 per equity share set for the QIP issue.

Pursuant to the allotment of equity shares under the QIP, the paid-up equity share capital of the company increased to Rs 14.76 crore comprising 7,38,08,451 equity shares.

The QIP witnessed participation from various institutional investors, with the top five allottees receiving around 40.95% of the total issue size.

Oxbow Master Fund and Mirae Asset Mutual Fund, both secured a substantial 12.40% allocation. Following, Societe Generale - ODI received allocation of 6.15%. A 5% allocation was recived by both Aditya Birla Sun Life Insurance Company and Goldman Sachs Funds - Goldman Sachs India Equity Portfolio.

Gravita India operates three largest amusement parks in Kochi, Bengaluru, and Hyderabad and the Wonderla resort in Bengaluru under the brand name Wonderla.

On a standalone basis, net profit of Wonderla Holidays rose 28.4% to Rs 13.52 crore on 13.8% increase in net sales to Rs 75.16 crore in Q2 FY24 over Q2 FY23.

The scrip rose 0.79% to currently trade at Rs 2,425.10 on the BSE.

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The company's board authorized and declared the opening of the issue on Monday, 16 December 2024.

The floor price of Rs 2,206.49 is at a discount of 1.45% to the scrip’s previous closing price of Rs 2,239.05 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue. The issue price will be determined in consultation with the book running lead manager appointed for the issue.

Gravita India said that it expects to use the net proceeds from the issue for repayment / pre-payment, in part or in full, of certain outstanding borrowings availed by the company and/or one of its subsidiaries; for funding working capital requirements of the company; and for general corporate purposes.

Gravita India is manufacturer of lead, lead alloys & lead products, aluminium alloys & plastic granules, offers turnkey solutions for recycling industry and consultancy.

The scrip had gained 0.49% to end at Rs 2250.10 on the BSE today.

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