Sprayking Agro hits 5% upper circuit on IPO nod for subsidiary

Sprayking Agro board approved raising funds in its subsidiary Narmadesh Brass Industries Ltd via initial public offering.

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26 Aug, 2025 12:21

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Shares of Sprayking Agro Equipment Ltd hit the 5 percent upper circuit in early trades on November 20 after the company announced its board approved raising funds in its subsidiary Narmadesh Brass Industries Ltd through an initial public offering.

At 9.20am, Sprayking Agro was trading at Rs 243 on the BSE, up 5 percent from its previous close.

"The company has approved raising of funds in its subsidiary Narmadesh Brass Industries Limited through an initial public offer, subject to relevant regulatory approvals," the company said in a notice to exchanges.

It aims at significant growth and sees the fundraising for its subsidiary as a strategic step to expand the business operations. Sprayking holds a majority stake in Narmadesh Brass Industries Limited, and the IPO will enhance its consolidated financials, it added.

"Our decision to initiate the IPO in our subsidiary is a testament to our vision for accelerated progress and increased market presence. As Sprayking holds a majority stake in Narmadesh Brass Industries Limited, this step will undoubtedly fortify our consolidated financials and reinforce our position in the industry.... We look forward to your continued support as we embark on this new phase of growth and expansion," said Hitesh Dudhagara, managing director of Sprayking.

The company said it recently acquired a manufacturing facility in Jamnagar, Gujarat, similar to its existing facility. This unit will manufacture brass and forging components across a 3,000-square-metre modern plant. This addition will bolster the company's market position, it added. However, the company did not disclose the value at which it acquired the facility.

The firm also said that in a bid to expand, Sprayking Agro Equipment Limited recently acquired a 51 percent stake in Narmada Brass Industries, founded by Hitesh Dudhagra in 2019. Narmada Brass specialises in manufacturing copper brass goods with a production capacity of 2,000 tons annually.

The company further said that this acquisition is propelling rapid business growth, enabling it to cater to new orders from both domestic and international markets. The company is using the funds raised for its own expansion and that of its investors, it added.

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