Mumbai, Jan 9 (KNN) Delhi based biomass briquette manufacturer Ekdant India is planning for its IPO by issuing 40.3 lakh shares of Rs 10 each raising Rs 4.03 crore from the public, a DRHP filed with SME exchange has stated.

“Public issue of 40,30,000 equity shares of face value of Rs 10 each for cash at par, aggregating to Rs 403 lack (the “issue”) by our company…,” said a statement.

The funds raised by the issue managed by Sobhagya Capital will add to the company’s long term working capital in the Briquettes Business.

Incorporated in 1995 as Talguard Systems Limited, the company changed its name to Ekdant India in 2013. Initially, the company was established for trading and manufacturing of electrical equipment.  Later, the company ventured into manufacturing of biomass briquette (a biofuel substitute to coal and charcoal).

The BSE SME Exchange, the Bombay Stock Exchange's platform for small and medium enterprises (SMEs), is witnessing a lot more SMEs listing on the platform these days.

So far, a total of 43 companies have listed on the platform. However, active trading takes place in less than half of the companies listed.

The BSE SME platform was launched in March 2012. (KNN/SD)