Small-cap stock below ₹200: Mauritius-based FIIs buy stake in multibagger stock Sprayking Agro Equipment

Small-cap stock below ₹200: Global investment firms Nexpact Limited and AG Dynamic Fund Limited have made investment in Nexpact Limited and AG Dynamic Fund Limited — a small-cap stock that has delivered multibagger return to its long term positional shareholders in year-to-date (YTD) time. These Mauritius-based foreign institutional investors (FIIs) bought stake in the company through preferential issue offered by the small-cap company Sprayking Agro Equipment Ltd.

The small-cap company informed about the Mauritius-based FIIs' investment in an exchange communication citing, "In pursuance of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform all our stakeholders that board of Directors of our Company has approved raising of funds Issuance of total 8, 40,000 Convertible Warrants on a Preferential Basis at price of ₹207 per warrant to foreign investors namely Nexpact Limited and AG Dynamic Fund Limited subject to relevant regulatory approvals."

While allotting the preferential issues to these Mauritius-based FIIs, the Indian small-cap company charged a premium of 9 per cent to these global investment firms.

The Company had received interest from multiple investors including but not limited to HNIs, Domestic as well as foreign investors, after discussion the Company has decided to give stake to foreign investors who can bring value in the Company and motivates the vision of the Company. The funds raised will play a pivotal role in advancing our mission to become one of leading manufacturer of brass components and parts, including fittings, forging equipment, transformer parts, and other customized brass components.

Sprayking Agro Equipment news

The Company has recently acquired its new manufacturing facility at Jamnagar, Gujarat. The unit will be manufacturing brass and forging components/parts similar to the existing manufacturing facility of the Company. This new Manufacturing facility is spread over 3,000 square meter. The addition of this manufacturing facility will strengthen Company’s presence in the market.

Sprayking Agro Equipment Limited has recently acquired 51 per cent stake in M/s. Narmada Brass Industries in order to expand the business. Established in 2019, Narmada Brass Industries is partnership firm started by Hitesh Dudhagra. Narmada Brass has its own manufacturing unit of copper brass products. The manufacturing plant has capacity of 2000 ton per annum of forged products. With this acquisition the Company is growing by leaps and bounds and catering to new demand of orders from domestic as well as export Market.

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