Akash Jha
Gas aggregator Matrix Gas and Renewables has submitted a draught red herring prospectus to the Emerge platform of the National Stock Exchange of India in order to raise capital through an initial public offering.
The public offering of 56 lakh equity shares only includes a fresh issue piece; there is no offer for sale part. This is a public offering by a small or medium-sized enterprise (SME), and the NSE Emerge platform is where it is planned to list the equity shares.
On July 6, the business completed a private placement offering 5.64 lakh new equity shares, which resulted in the raising of Rs. 7.45 crore. At a price of 132 rupees (Indian currency) per share, the allocation of the shares was completed.
Private placement attracted the participation of a total of 24 investors, including Ashneer Grover, Gunavanthkumar G Vaid, Singhvi Heritage LLP, Ash Grover LLP, Wow Investments, Touchstone Ventures LLP, Shagun Capital Ventures, and Nandura Estates, among others.
In addition to uses more general to the corporation, the majority of the revenues from the newly issued securities will be put towards meeting working capital requirements.
Anmol Singh Jaggi, Puneet Singh Jaggi, Chirag Nareshbhai Kotecha, and his wife Disha Chirag Kotecha are the individuals that possess 89.09 percent of the stock in Matrix Gas. The remaining 10.01 percent is owned by the general public.
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Natural gas aggregation, often known as the procurement and sale of natural gas, is the primary focus of Matrix Gas & Renewables’s operations as a company. In March of 2018, it was first established as Gensol Renewables, but in February of 2022, it transitioned to operating under the name Matrix Gas and Renewables.
Merchant banking services for the offering were provided by Beeline Capital Advisors.
