The issue will consist of a fresh issue of equity shares worth up to Rs 175 crore and an offer-for-sale (OFS) of up to 3,569,180 shares by promoter and selling shareholders. Selling shareholders included AF Holdings (up to 3,114,660 shares), Prayas Goel (up to 150,600 shares), Prerak Goel (up to 150,500 shares), Namrata Goel (up to 29,500 shares), Nidhi Goel (up to 31,500 shares) and Pushpa Goel (up to 92,420 shares).
The company in consultation with merchant bankers to the issue may consider a right issue, private placement, preferential issue of equity shares or any other method aggregating up to Rs 35 crore. If such placement is completed, the fresh issue size will be reduced.
The proceeds from its fresh issuance worth Rs 18 crores will be utilized for investment in its material subsidiary, Concord Enviro FZE in relation to financing the construction of an assembly unit in Sharjah International Airport Free Zone. Further, the company intends to spend Rs 30 crore each in Rochem Separation Systems and CEF for funding working capital requirements. It also intends to utilize Rs 66.50 crore for prepayment or repayment of all or a portion of certain outstanding borrowings availed by its subsidiaries and general corporate purposes.
The offer is being made through the book building process, wherein not less than 75 per cent of the issue will be available for allocation to qualified institutional buyers, not more than 15 per cent will be available for allocation to non-institutional investors, and not more than 10 per cent will available for allocation to retail individual investors.
The Mumbai-based company is the second largest Indian solutions provider in FY22 for industrial water recycle and reuse systems in terms of revenue, according to a company commissioned Frost & Sullivan report. In FY21, the company was the largest zero-liquid discharge (ZLD) solutions provider in India in revenue terms. Through its recycling solutions, the company has been supporting its clients to achieve water conservation and achieve sustainability.
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