Shares of Raghav Productivity Enhancers were locked in the 5 per cent upper circuit for 11th straight trading day, at Rs 914.80 on the BSE on Monday, with only buyers visible on the counter.
The stock was trading higher for the 16th consecutive day and has zoomed 84 per cent during the period. In the past three months, the stock has zoomed 222 per cent, as against a 10.4 per cent gain in the S&P BSE Sensex.
Till 01:18 pm, around 26,000 equity shares had changed hands on the counter and there were pending buy orders for 29,753 shares on the BSE, exchange data shows. In comparison, the benchmark index was trading flat or 0.06 per cent higher at 54,312 points.
On August 1, 2021, Raghav Productivity Enhancers said in a BSE filing that the company's board has approved to issue six lakh unsecured compulsorily convertible debentures (CCDs) worth of Rs 30.90 crore to ace investor Rakesh Jhunjhunwala.
The company said it would issue and allot 6 lakh CCDs by way of preferential allotment on a private placement basis, having a face value of Rs 515 with the aggregate amounts on such CCDs of Rs 30.90 crore convertible into six lakh equity shares of the face value of Rs 10 each of the company at a conversion price of Rs 515.
The company further said the CCDs shall be converted into equity shares at the end of 18 months from the allotment of CCDs. Each CCD’s shall carry a simple interest rate of 15 per cent per annum.
Raghav Productivity Enhancers (REPL) is the largest ramming mass producers in the world. Based out of Jaipur, Rajasthan, with a production capacity of around 180,000 TPA, RPEL has many renowned global and domestic steel manufacturers and foundries as its customers.
The Company has begun work on expanding its ramming mass production capacity by 108,000 TPA through a 100 per cent fully-owned subsidiary project – Raghav Productivity Solutions Private Limited, adjacent to its existing plant in the Tonk district of Rajasthan taking our total capacity to 388,000 TPA.
Most of the steel and foundry manufacturers prefer domestic silica (acidic) ramming mass over imports, as it is readily available with local manufacturers to avoid its heavy transport and freight cost. Increase in India’s domestic ramming mass production due to Indian Government’s initiatives under Make in India, Atmanirbhar Bharat etc. is resulting in to further reduce of silica ramming mass imports from China and other countries.
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