Vetrivel Explosives Limited, an integrated manufacturer of industrial explosives and blasting systems based in Salem, Tamil Nadu, has filed its Draft Red Herring Prospectus (DRHP) with the NSE Emerge platform of the National Stock Exchange of India Limited.
The proposed Initial Public Offering (IPO) will consist of a fresh issue of up to 6,100,000 equity shares with a face value of ₹10 each, and will not include an offer for sale component. The company intends to use the net proceeds to repay or pre-pay certain outstanding borrowings, totaling approximately ₹4,374.37 lakhs, as well as for general corporate purposes.
Operating under the Lion brand, the company maintains backward integration by manufacturing PETN in-house with an annual capacity of 2,000 MT. Vetrivel Explosives has an international presence, including a PETN export order from Vietnam and previous exports of detonating cord to Nigeria. The company is led by Chairman and Managing Director Vijayakannan Ramalingam.
Entities
GYR Capital Advisors Private Limited · National Stock Exchange of India Limited · Vetrivel Explosives Limited · Vijayakannan Ramalingam