By Research Desk
about 13 years ago

Gujarat-based Gemini Engi-Fab (GEF) has filed its DRHP  with SEBI on 2nd July, 2008 to enter the capital market with a public issue of 55 lakh equity shares of Rs 10 each at a price to be decided through the 100% book building process at a later stage. The issue would constitute 46.40% of the fully diluted post issue capital of the company.


The company proposes to list its shares on BSE and NSE and the BRLM to the issue is Almondz Capital Services.


The objects of the issue is for setting up of a manufacturing workshop at Umbergaon in Gujarat and for meeting working capital requirements.


The company intends to use the proceeds from the issue to part finance its above-mentioned project cost. The company will deploy Rs 52.76 crores to set up the workshop in Gujarat and Rs 9.39 crores for working capital needs. The company is also raising Rs 10 crores from Barclays Bank and Rs 4 crores through internal accruals for financing its project cost.


The company is engaged in manufacturing and salvaging of process equipments through fabrication for various processing industries, namely cement, dairy, refinery, pharmaceutical, petrochemical, power and chemical.


The company began its operations in 1999 with manufacturing of spares, channel heads, tube sheets and bundles for refineries in Mumbai. Later the company entered into manufacturing of heat exchanger for refineries and dairy plants.


In 2007-08, the company shifted its operations to Umbergaon in Gujarat at its existing plant to consolidate all its manufacturing operations. The company expanded its operations by setting up manufacturing facilities at the existing plants in Umbergaon and were able to manufacture pressure vessels, storage vessels, tanks, distillation and absorption columns.


The company's total income as at 31st March, 2008 was Rs 23.26 crores and net profit was Rs 3.85 crores as compared with income of Rs 14. 06 crores and net profit of Rs 1.23 crores for the year ended 31st March, 2007.

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