Jaipur-based company is into processer of transformer components, including transformer lamination, CRGO slit coils, amorphous cores, coil assemblies and core assemblies, wound core, toroidal core, and oil-immersed circuit breakers.
MUMBAI, June 10 (The CONNECT)- Jaipur-based Mangal Electrical Industries Limited has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), for its Rs 450 crore initial public offering (IPO).
The IPO, with a face value of Rs 10, is entirely a fresh issue of shares up to Rs 450 crore with no offer-for-sale component.
The proceeds from the fresh issue to the extent of Rs 96.03 crore for repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the Company, Rs 120 crore for Capital expenditure of the Company for expanding the facility at Unit IV situated Reengus, Sikar District, Rajasthan and civil works at its existing head office, Jaipur, Rajasthan to optimize space usage and increase storage capacity, Rs 122 crore for funding working capital requirements of the Company and general corporate purposes.
Mangal Electrical Industries Limited is into processer of transformer components, including transformer lamination, CRGO slit coils, amorphous cores, coil assemblies and core assemblies, wound core, toroidal core, and oil-immersed circuit breakers. It specializes in trading CRGO and CRNO coils and amorphous ribbons, market and sell its products under the brand name ‘Mangal Electrical’ that has strong reputation and brand recall value.
It manufactures transformers with capacities ranging from single-phase 5 KVA to three-phase 10 MVA (medium power) units and also provide EPC services for setting up electrical sub-station, catering to the power infrastructure sector.
The company has five production facilities in Rajasthan with an aggregate production capacity for 16,200 MT for CRGO, 7,50,000 KVA for transformers and 75,000 units for ICB and 2,400 MT for Amorphous units per annum.
Mangal Electrical adheres to stringent quality standards, as evidenced by its NABL and PGCIL lab approvals, as well as NTPC approval for CRGO processing. The company employs advanced machinery, such as the Germany-based Brockhaus Messtechnik, for process and quality control, enabling high-efficiency outputs. Its customer base includes prominent government and municipal utilities, such as Ajmer Vidyut Vitran Nigam Limited and Jaipur Vidyut Vitran Nigam Limited, alongside private energy producers like Voltamp Transformers Limited and Western Electrotrans Private Limited. While having a strong presence across India, Mangal Electrical has also exported transformer components to countries like the Netherlands, UAE, Oman, and the USA.
Systematix Corporate Services Limited is the sole book-running lead manager and Bigshare Services Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
