Austral Coke

By Research Desk
about 12 years ago
Austral Coke

 Austral Coke and Projects, the flagship company of Gremach Infrastructure Equipments and Projects Ltd. has filed its DRHP with SEBI on 13th November 2007 to enter the capital market with an IPO of one crore equity shares of Rs.10 each at a premium to be determined at a later date by the book building process.

 

The company proposes to list its shares on BSE & NSE. Allbank Securities is the BRLM to the issue.

 

The company is involved in the manufacture of coke and in the business of refractory, textile sectors and providing rental of construction/earth moving machineries to companies  engaged in the business of construction. Now the company proposes to establish a 3 lakh metric tonne greenfield coke manufacturing plant in Sindhudurg in Maharashtra. It intends to set up a refractory unit in Kutch, Gujarat and a submerged arc welded (SAW) pipe plant in Saurashtra with an installed capacity of 70,000 mtpa for which the company plans to acquire seven acres of land. The company also plans to set up  a captive power plant of 8 MW.

 

The company's expansion is already underway at its existing coke manufacturing unit in Kutch. Phase I of the expansion is over and Phase II is in progress.

 

The proceeds from the issue are intended to be deployed for setting up of captive power plant of 8 MW at a cost of Rs 30.77 crore at Sindhudurg in Maharashtra; for setting up a 1.50.000 mtpa of low ash metallurgical coke (LAM-Coke) also at Sindhudurg at an outlay of Rs.78.12 crore and for acquiring coal mines in India and abroad and to acquire more prospecting licences, the cost of which is estimated at Rs 40 crores.

 

For the year ended March 31, 2007, the company posted net income of Rs190.31 crore and net profit of Rs.9.15 crore compared with Rs.128.11 crore and Rs.2.02 crore respectively for FY 06. For the period ended 30-06-07, the company reported income of of Rs.59.36 crore and net profit of Rs.6.78 crore.

 

 

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