Sprayking Agro Equipment Ltd’s shares were up by 2.33 per cent after the company announced the Board’s approval to raise funds for its subsidiary, Narmadesh Brass Industries Ltd, through an initial public offering (IPO). The decision, finalised during a board meeting, is contingent upon receiving relevant regulatory approvals.
The move to secure funds for the subsidiary aligns with Sprayking’s growth objectives and expansion plans. Holding a majority stake in Narmadesh Brass Industries Ltd, the IPO is anticipated to bolster Sprayking’s consolidated financials.
Hitesh Dudhagara, Managing Director of Sprayking, said, “Our decision to initiate the IPO in our subsidiary is a testament to our vision for accelerated progress and increased market presence. As Sprayking holds a majority stake in Narmadesh Brass Industries Ltd, this step will undoubtedly fortify our consolidated financials and reinforce our position in the industry.”
The shares were up by 2.33 per cent to ₹237.05 at 10 am on the BSE.