Sharat Industries Ltd. Rights Issue (Sharat Industries Rights Issue 2024) Detail

Rights Issue Timetable

Sharat Industries Limited was founded in 1990 and is an integrated aquaculture company in India.

In the early years, the company successfully bred and processed black tiger prawns before eventually producing scampi prawns. The company consists of four divisions: (1) shrimp hatchery, (2) farm, (3) feed mill, and (4) processing plant.

1. Shrimp hatchery: The shrimp hatchery has a production capacity of more than 400 million seedlings. The hatchery currently produces Vannamei seedlings and is the first hatchery in the country to introduce and indigenize this species from the Pacific region.
2. Farm: The farm covers an area of approximately 500 acres with a production capacity of over 2,000 tonnes of shrimp per year. It is located on the coast of the Bay of Bengal. SIL owns one of the largest shrimp farms in the country.
3. Feed mill: SIL produces its own shrimp feed: VANNASTAR. The production unit has a production capacity of more than 20,000 tonnes. SIL is one of the largest shrimp feed producers in the state.
4. Processing plant: The processing plant was built in accordance with international standards. The plant has widely recognized accreditations such as EIA, EU and FDA approvals. The plant has a processing capacity of more than 7,500 tonnes of frozen shrimp per year. SIL is one of the largest processors and exporters of shrimp in the country.

In the financial year 2022-23, the company recorded a total revenue of Rs. 33,600.72 lacs.

Objects of the Issue:

The Company intends to utilize the Net Proceeds from the Issue towards the following objectives:

1. To augment the existing and incremental working capital requirement of the Company; and
2. General Corporate Purpose.