M and B Switchgears funding solar photovoltaic solar power plant
Solar News January 31st, 2011M AND B Switchgears Pvt. Ltd., established in 1979 in Indore has proposed to enter capital market for funding its forthcoming solar photovoltaic solar power plant, with a public issue of 50 lakh equity shares (face value of Rs 10 each).
It has filed draft red herring prospectus (DRHP) with SEBI. The issue will constitute 25% of the post-issue paid-up equity share capital of company.
The company manufactures distribution transformers, power transformers, furnace/rectifier transformers and special purpose transformers. It has today grown laborer strength and targeting more than 150 per turnover of Rs. 1000000000. It is the business of manufacturing transformers for over 30 years. It is in the business of manufacturing transformers for more than 30 years.
The Modern factory spread 1,00,000 Sq. feet area of the latest manufacturing and advanced machinery increased capacity of up to 25 MVA, 132 KV. M and B has increased its manufacturing capacity of 550 transformers 5109 a year. Its current annual production ratio is 75 000 kVA KVA of the transformer month for single shift basis.
It will also use the issue proceeds and the creation of new network-attached 4 MWp photovoltaic power plant Village Gagorni, Rajghar District, Madhya Pradesh. The total estimated project cost of Rs 71.36 crore.
For the seven months ended October 2010, M and B Switchgears reported net profit of R 59.25 lakh on total income of Rs 26.59 crore. It is R 14.91 debt accounts during the same period.
For the year ended FY09 and FY10, it posted net income was R 40.95 lakh and 92.14 lakh R total income of Rs 26.58 crore and 37.50 crore R accordingly
Promoter will reduce stake in company to 70.69% from 94.26% post issue.
Ongoing research and development, M and B Switchgear Pvt. Ltd. has successfully expanded its product range to manufacture transformers up to 25 000 KVA at 33 KV class and also has a special obligation to transformers as follows:
Transformers manufactured in conformity to Indian Standards specification: 2026 and IS 1180, International Specification IEC 76 and / or equivalent. However, transformers can be supplied in accordance with other standards, if / when specifically required by the customer. We have regular reviews of general manufacturing in India. However, all other parameters can also be supplied on request.
