Oswal Pumps gains on debut
The scrip was listed at 632, matching the initial public offer (IPO) price. The stock was currently up 2.93% over its listing price.
So far, the stock has hit a high of 646.25 and a low of 625.20. On the BSE, over 6.96 lakh shares of the company were traded in the counter so far.
The initial public offer of Oswal Pumps was subscribed 34.42 times. The issue opened for bidding on 13 June 2025 and it closed on 17 June 2025. The price band of the IPO is fixed between Rs 584 and 614 per share.
The issue comprised both a fresh issue of equity shares upto Rs 890 crore and an offer for sale up to 81,00,000 equity shares by Vivek Gupta, one of the promoters of the company.
The company proposes to utilize the net proceeds from the issue towards capital expenditure of Rs 89.86 crore; Rs 272.76 crore for investment in its wholly-owned subsidiary, Oswal Solar, in the form of equity, for funding the setting up of new manufacturing units at Karnal, Haryana; Rs 280 crore for prepayment/repayment, in part or full, of certain outstanding borrowings availed by the company; Rs 31 crore for investment in its wholly-owned subsidiary, Oswal Solar, in the form of equity, for repayment/prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar; and general corporate purposes.
Oswal Pumps, established by Padam Sain Gupta (father of Vivek Gupta, one of its promoters and chairman and managing director), commenced its operations in 2003 with the manufacturing of low-speed monoblock pumps. The company manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors, and solar modules, which it sells under the Oswal brand.
It is one of the few fully integrated turnkey solar pumping system providers in India with the capability to manufacture solar-powered agricultural pumps, solar modules and pump controllers and provide installation services for such systems.
Sales of majority of its products are geographically concentrated, with the four states of Haryana, Maharashtra, UttarPradesh and Rajasthan accounting for 90.47% and 90.78% of its 9mFY25 and FY24 revenue
Ahead of the IPO, Oswal Pumps on Thursday, 12 June 2025, raised Rs 416.20 crore from anchor investors. The board allotted 67,78,533 shares at Rs 614 each to 25 anchor investors.
The firm reported a consolidated net profit of Rs 215.80 crore and a total income of Rs 1,065.67 crore for the nine months ended on 31 December 2024.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
Sebi bans DHFL's Kapil Wadhawan, Dheeraj Wadhawan from securities market
Markets regulator Sebi on Tuesday barred Dewan Housing Finance Ltd's former CMD Kapil Wadhawan, ex-director Dheeraj Wadhawan, and four others from the securities markets for up to five years for committing financial irregularities, diverting funds, and fabricating books. The others who have been prohibited by Sebi are -- Rakesh Wadhawan, who was non-executive chairman, Sarang Wadhawan, a former non-executive director, Harshil Mehta, joint managing director & CEO, and Santosh Sharma, a former CFO. Sebi also fined the six individuals Rs 120 crore. Kapil Wadhawan and Dheeraj Wadhawan have each been restrained from the securities markets for five years, while Rakesh Wadhawan and Sarang Wadhawan face a four-year ban, and Harshil Mehta and Santosh Sharma have been prohibited for three years, according to the Sebi order. During these periods, they cannot access the securities market, deal in securities in any manner, or hold any role such as director or key managerial personnel in listed companies, registered intermediaries, or public companies intending to raise funds from the market. Kapil Wadhawan and Dheeraj Wadhawan have each been fined Rs 27 crore, while Rakesh Wadhawan and Sarang Wadhawan face penalties of Rs 20.75 crore each. Harshil Mehta has been fined Rs 11.75 crore, and Santosh Sharma faces a total penalty of Rs 12.75 crore. In its 181-page order, Sebi noted that since 2006, DHFL, along with its promoters, directors, and key managerial personnel, have engaged and participated in an "egregiously fraudulent scheme" to divert funds to "Bandra Book Entities" (BBEs) linked to the promoters. By March 31, 2019, DHFL's loans to BBEs stood at Rs 14,040.50 crore. The BBEs were directly or indirectly connected to Kapil, Dheeraj Rakesh and Sarang, it added. As per the order, promoters issued huge unsecured loans to these entities despite their lack of assets or business, bypassing all due diligence, and falsely recording them as retail housing loans. The regulator found that the fraud operated in several steps. First, large unsecured loans were extended to these BBEs even though they had no net worth, assets, or cash flows to justify such exposure. Second, all standard loan appraisal processes were deliberately bypassed. Third, these weak intercorporate loans to related parties were misrepresented as retail housing loans, creating a false impression of the company's financial health for investors and other stakeholders. "To effect this elaborate deception, a fake virtual branch ('Bandra branch') and previously closed retail loan accounts were employed, alongside three different accounting software, camouflaging the BBE loans as retail housing loans. In the initial years, well over 30 per cent of all loans of DHFL were to these BBEs," Sebi noted. Despite the BBEs not making interest or principal payments, DHFL booked fictitious interest income, which allowed it to show increasing profits instead of losses between FY 2007-08 and FY 2015-16. These misleading financials misled shareholders and distorted DHFL's share price. According to Sebi, the main orchestrators of the fraudulent scheme were Kapil Wadhawan and his brother Dheeraj Wadhawan. Rakesh and Sarang Wadhawan were also involved through their roles on DHFL's board. The investigation found that loans worth Rs 5,662.44 crore were disbursed to 39 BBEs, of which 40 per cent was subsequently routed to 48 other entities connected to the promoters. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
Court takes cognisance against ABG Shipyard in ₹22,000 cr bank fraud case
A Rouse Avenue court has taken cognizance of a ₹22,000 crore alleged bank fraud and funds siphoning case against Surat, Gujarat-based ABG Shipyard Ltd, its former Director, Auditor, public servants, and subsidiary companies. It is alleged that ABG Shipyard Ltd transferred huge amounts of money to its related parties, and thereafter, adjustment entries were made. The Central Bureau of Investigation (CBI) had filed a charge sheet, supplementary charge against 6 individuals and 17 companies and firms. The Chief Judicial Magistrate (CJM) Deepak Kumar, after taking cognizance, issued summons to the accused persons to appear before the court on the next date on August 22. CJM Deepak Kumar said, "I have perused the chargesheet and supplementary charge sheet alongwith the documents annexed with it, including the statements of the witnesses recorded under Section 161 CrPC and have considered the submissions made by the public prosecutor for the CBI and the Investigation Officer." The court said that there are clear and categorical findings in the final report and supplementary final report against the accused persons regarding the commission of offences for which they have been chargesheeted for the offences punishable under Section 120B/420/477A IPC and substantive offences thereof. "Accordingly, in view of the foregoing discussion and material available on record, I take cognizance," CJM Kumar ordered on August 11. The CBI had registered a case on August 25, 2020, on the complaint filed by the consortium of banks, including SBI. The case was registered against M/s ABG Shipyard Ltd, its former managing director Rishi Kamlesh Agarwal, Santhanam Muthuswamy), Ashwini Kumar, Sushil Kumar Aggarwal, Ravi Vimal Newatia, M/s ABG International Pvt Ltd, unknown public servants and unknown private persons alleging the commission of offences of cheating, criminal breach of trust, criminal conspiracy and abuse of official position thereby causing wrongful loss to the tune of Rs. 22,842 crore to the consortium of lending banks comprising of State Bank of India (SBI), erstwhile State Bank of Patiala (presently SBI), erstwhile State Bank of Travancore (presently SBI) etc, led by ICICI Bank. During the investigation, other accused were interrogated and arrayed in the supplementary charge sheet. It is stated that the Investigation has also revealed that the accounts were falsified and misrepresented by the accused persons in criminal conspiracy with each other and thereby defrauded the lender banks by presenting false figures before the lenders and shareholders. Investigation has pointed out that ABG Shipyard, in criminal conspiracy with its promoters, directors, and other key managerial persons, had availed credit facilities from the banks fraudulently. Thereafter, it dishonestly diverted a huge amount of bank funds with ulterior motives to its group concerns. Investigation has further alleged that ABG Shipyard had siphoned off funds for acquiring 14 residential flats in Mumbai for a consideration amount of Rs. 33.50 crores. These flats were purchased by an accused company which was under the control of Rishi Kamlesh Agarwal, Former MD of ABG Shipyard.
Indian Express
18 minutes ago
- Indian Express
Vehicles without a FASTag will no longer be allowed to enter Tirumala, temple management says
The Tirumala Tirupati Devasthanams (TTD), which manages the Sri Venkateswara temple in Andhra Pradesh's Tirupati district, said that vehicles without a FASTag will no longer be allowed to enter Tirumala. Officials said the TTD is also considering allowing only electric vehicles entry into Tirumala in the future. Thousands of devotees visit Tirumala every day in private vehicles and taxis. 'Many individual car owners driving up to Tirumala may not have a FASTag for various reasons. We are issuing an advisory that they should get it before coming to Tirumala. If they do not have it, they should take the help of the facility at Alipiri,' an official said. The TTD said, 'In order to provide better safety standards, prevention of overcrowding and transparent services to the devotees arriving in various vehicles at the Alipiri check point, FASTag will be made mandatory for the vehicles entering Tirumala from August 15.' A facility that issues FASTags have been set up at the Alipiri checkpoint in collaboration with ICICI Bank, officials said. 'It is once again informed that the vehicles without FASTag will be allowed to enter Tirumala only after obtaining the FASTag facility here in the shortest possible time. Devotees are requested to cooperate, or they will not be allowed to enter Tirumala,' the TTD said. The announcement comes as the temple is witnessing over 90,000 devotees on some days, with the TTD finding it difficult not only to manage the pilgrims, but also the incoming traffic. The TTD is also preparing to implement stricter pollution control rules, and allow only battery-operated vehicles into Tirumala. The TTD is encouraging taxi operators to switch to EVs. On Tuesday, a devotee from Bengaluru, Chandra Shekhar, donated two battery buggies worth Rs 11 lakh to the TTD. The board, which has set up some EV charging stations, is in the process of setting up more, officials said. The TTD and the Andhra Pradesh State Transport Corporation are also switching to operating only electric buses to and from Tirumala and Tirupati. In efforts to achieve net zero emissions, the TTD is also allocating its lands at Tirumala and Tirupati to organisations like the New and Renewable Energy Development Corporation of Andhra Pradesh for the establishment of EV charging stations and battery swapping stations.
