Divine Power Energy Limited Files DRHP with NSE Emerge - Wire & Cable India
Wire & Cable India

Divine Power Energy Limited Files DRHP with NSE Emerge

DPEL has announced the filing of its DHRP comprising a fresh issue of equity shares of the face value of INR 10 each, aggregating up to INR 22.5 crore. The net proceeds from the offering will be used for working capital requirements, general corporate purposes, and issue-related expenses.

Jan 24, 2024

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Divine Power Energy Limited (DPEL), one of the leading manufacturers of insulated wires and strips, announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The initial public offering (IPO) comprises a fresh issue of Equity Shares having a face value of INR 10/- each, aggregating up to INR 22.5 crore. The company has appointed Khambatta Securities Limited as the book-running lead manager to the issue while Bigshare Services Private Limited is the registrar. The New Delhi-headquartered company intends to utilize INR 17 crore of the net proceeds from the offering for working capital requirements. Of this, the company plans to use INR 10 crore in the current fiscal year and INR 7 crore in FY2025. It plans to utilize the remaining capital for general corporate and issue-related expenses. 

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DPEL manufactures copper and aluminium wires/strips insulated with paper, crepe paper, and fiberglass, and supplies them to discoms and transformer manufacturers. The company also trades super-enameled wires and strips. These products are commonly used in assembly and repair of transformers. The company has a significant presence in North India, including Uttar Pradesh, Delhi, Uttarakhand, Haryana, Punjab and Bihar. The company operates a cutting-edge manufacturing plant with an installed capacity of 300 metric tonnes of aluminium and 400 metric tonnes of copper per month. The plant is strategically located in Ghaziabad and has sufficient storage facility for holding inventories of raw materials and finished products, ensuring stability of operations. DPEL plans to boost the production of existing products and extend its portfolio to meet growing demand in both existing and new markets.

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DPEL started producing fiberglass-insulated winding wires used in manufacturing electromagnetic lifting magnets and dry-state transformers in the current calendar year. Furthermore, it intends to cater to the solar and automotive ancillary industries by offering tinned copper wires. The solar industry uses tinned copper wires to manufacture solar panels, while the automobile ancillary industry uses them to make harness wire. With an eye on the growing market demand, DPEL intends to begin manufacturing tinned copper wire by acquiring modern machinery from abroad. 

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