Tamilnadu Coke & Power files DRHP with NSE Emerge
Headquartered at Thandalacherry village in Gummidipoondi, TNCPL is engaged in the business of producing low ash metallurgical coke by conversion of coking coal, sale of coal, generation of power from waste heat recovery and sale of electricity
CHENNAI: Tamilnadu Coke & Power Ltd (TNCPL), announced the filing of its Draft Red Herring Prospectus (DRHP) with the NSE Emerge.
As per the DRHP, proceeds from the issue will be used to establish a new Ferrosilicon manufacturing unit apart from setting up a new solar power plant and acquiring additional land and for general corporate purposes.
TNCPL intends to spend Rs 39.60 crore of the IPO proceeds to set up a new 2x5 Mega Volt-Amps (MVA) ferrosilicon plant with a production capacity of 8,000 TPA, Rs 5 crore to acquire more land adjacent to the existing plant and Rs 8.63 crore to establish a new solar power plant with a capacity of 1581 KWP. The offering comprises a fresh issuance of 64,14,000 equity shares, each with a face value of Rs 10.
Headquartered at Thandalacherry village in Gummidipoondi, TNCPL is engaged in the business of producing low ash metallurgical coke by conversion of coking coal, sale of coal, generation of power from waste heat recovery and sale of electricity. Ayaan Ahuja, chairman-MD, TNCPL, said, “We are exploring new markets and product segments by proposing the new product Ferrosilicon, primarily used in the production of stainless steel and carbon.” TNCPL is promoted by Tamilnadu Global Trading LLP and Ayaan Ahuja. Its revenue from operations rose to Rs 51.60 cr in FY2022-23, up from Rs 46.11 cr in FY2021-22. In FY2022-23, it made a profit of Rs. 20.83 crore, compared to Rs 17.47 crore in FY2021-22.