Connect with us

Business

Renewable Player Prozeal Green Energy Gets SEBI Nod for Rs 700 Crore IPO

Published

on

Renewable Player Prozeal Green Energy Gets SEBI Nod for Rs 700 Crore IPO


Last Updated:

PROZEAL Green Energy Limited gets SEBI approval for ₹7,000 million IPO, with strong growth in solar EPC projects, major clients, and robust financials for Fiscal 2024.

Solar EPC Firm Prozeal Green Energy Gets SEBI Go-Ahead for Rs 700 Crore IPO

Solar EPC Firm Prozeal Green Energy Gets SEBI Go-Ahead for Rs 700 Crore IPO

PROZEAL Green Energy Limited gets market regulator Securities and Exchange Board of India approval to raise capital from the primary market via IPO.

Initial public offering of face value of ₹ 2 each (“equity shares”) of Prozeal Green Energy Limited (“our company” or the “issuer”) aggregating up to ₹ 7,000.00 million (the “offer”).

The offer comprises of a fresh issue of face value of ₹ 2 each aggregating up to ₹ 3,500.00 million (the “fresh issue”) and an offer for sale of up of face value of ₹ 2 each aggregating up to ₹ 3,500.00 million (the “offer for sale”), consisting up to ₹ 1,685.00 million by Shobit Baijnath Rai and up to ₹ 1,685.00 million by Manan Hitendrakumar Thakkar (the “promoter selling shareholders”), up to ₹ 30.00 million by AAR EM Ventures LLP, up to ₹ 20.00 million by Bhaveshkumar Bachubhai Mehta, up to ₹ 60.00 million by Jaya Chandrakant Gogri and up to ₹ 20.00 million by Manoj Mulji Chheda (the “investor selling shareholders”) (the promoter selling shareholders along with the investor selling shareholders, the “selling shareholders” and such equity shares, the “offered shares”).

The company proposes to utilize the Net Proceeds from the offer towards Funding the long-term working capital expenditure of the company, investment in the subsidiary(ies) for repayment/pre-payment, in part or full, of certain borrowings, and general corporate purposes.

Nuvama Wealth Management Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.

Prozeal Green Energy is focused on delivering end-to-end renewable energy solutions, including engineering, procurement, and construction (EPC) of solar energy projects on a turnkey basis, with an emphasis on serving clients in the commercial and industrial sectors. While the company executes independent solar EPC projects for its clients, its major focus is on implementing projects based on the “Plug-and-Play” solar park model. Under this model, the company facilitates seamless project deployment from conceptualization and land acquisition to commissioning and assists with obtaining the necessary approvals, including for evacuation lines from the solar power plant to the electricity grid. This process is complemented by its expertise in project design, execution capabilities, and procurement strategies.

The company provides clients with customized solutions, including options for Capex or Opex models, land purchase or lease, and the selection of suitable technology. Since its inception in 2013 through September 30, 2024, Prozeal Green Energy has successfully executed 182 solar power projects with a total installed capacity of 783.98 MWp across 17 states in India and one overseas location (Nepal) for 125 clients.

Prozeal Green Energy’s EPC clients include prominent organizations such as Torrent Power Limited, AM Green Energy Pvt Ltd, GHCL Ltd, Alembic Pharmaceuticals Limited, Asahi Songwon Colors Limited, Mark Alloys Private Limited, Ajay Costspin Industries, Pashupati Costspin Limited, and ACG Associated Capsules Private Limited.

As of September 30, 2024, its order book, defined as the amount payable under EPC contracts minus the revenue already recognized from those contracts, stood at ₹22,209.22 million, of which ₹22,093.04 million, or 99.48%, was for ground-mounted solar power projects.

Prozeal Green Energy has demonstrated strong financial performance, with revenue from operations increasing from ₹2,871.85 million in Fiscal 2022 to ₹9,488.82 million in Fiscal 2024, representing a CAGR of 81.77%. Revenue from operations for the half year ended September 30, 2024, was ₹4,685.40 million.

The company’s EBITDA grew from ₹115.44 million in Fiscal 2022 to ₹1,247.36 million in Fiscal 2024, reflecting a CAGR of 228.71%. EBITDA for the half year ended September 30, 2024, was ₹687.13 million.

Additionally, profit for the year increased from ₹100.71 million in Fiscal 2022 to ₹922.44 million in Fiscal 2024, representing a CAGR of 202.64%. Profit for the period for the half year ended September 30, 2024, was ₹515.95 million.

authorimg

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

News business ipo Renewable Player Prozeal Green Energy Gets SEBI Nod for Rs 700 Crore IPO
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Read More



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

UPS stock soars on third-quarter earnings beat, turnaround plan

Published

on

UPS stock soars on third-quarter earnings beat, turnaround plan


A UPS worker pushes a cart in New York, US, on Monday, Oct. 27, 2025.

Michael Nagle | Bloomberg | Getty Images

United Parcel Service on Tuesday reported earnings that topped Wall Street’s estimates ahead of its busy holiday season.

Shares of the package delivery giant surged 10% in premarket trading.

Here’s how the company performed in its third quarter, compared with what Wall Street was expecting based on a survey of analysts by LSEG:

  • Earnings per share: $1.74 adjusted vs. $1.30 expected
  • Revenue: $21.4 billion vs. $20.83 billion expected

For the period ended Sept. 30, the company reported net income of $1.31 billion, or $1.55 per share, compared with $1.99 billion, or $1.80 per share, the year prior. Adjusting for one-time items, including costs of its transformation strategy, the company reported profit of $1.48 billion or $1.74 per share.

UPS estimates its fourth quarter revenue to be $24 billion with an operating margin of 11% to 11.5%.

The company also on Tuesday laid out details of its previously announced turnaround plan and said it cut its workforce by 34,000 jobs, greater than its previous estimate of 20,000, as part of its plan to trim down its work with Amazon, previously its largest customer.

UPS also initiated a sale-leaseback transaction in the third quarter for five properties as part of its broader strategy, which resulted in a $330 million pre-tax gain on sale in its supply chain solutions division. It said Tuesday that it has now closed daily operations at 93 leased and owned buildings through September as part of the initiative.

UPS said its turnaround plan has resulted in $2.2 billion in savings through the end of the third quarter, with an estimate of achieving $3.5 billion total year-over-year cost savings in 2025.

“We are executing the most significant strategic shift in our company’s history, and the changes we are implementing are designed to deliver long-term value for all stakeholders,” CEO Carol Tomé said. “With the holiday shipping season nearly upon us, we are positioned to run the most efficient peak in our history while providing industry-leading service to our customers for the eighth consecutive year.”

The courier’s strong results come as the parcel industry faces a volatile tariff environment and sluggish demand, in addition to impacts from the end of the de minimis loophole. Rival FedEx said last month that it incurred $150 million in headwinds from the global trade environment.



Source link

Continue Reading

Business

PayPal signs deal with OpenAI to become the first payments wallet in ChatGPT

Published

on

PayPal signs deal with OpenAI to become the first payments wallet in ChatGPT


Alex Chriss, CEO of PayPal Inc.

Courtesy: PayPal

PayPal has signed a deal with OpenAI to have its digital wallet embedded into ChatGPT so users can pay for items found through the leading consumer AI tool, the company told CNBC exclusively.

The agreement, sealed over the weekend, means that starting next year, both sides of PayPal’s ecosystem can plug into ChatGPT: PayPal users can purchase items through the AI platform, and its merchants can sell on it, with their inventory listed there, according to PayPal CEO Alex Chriss.

“We’ve got hundreds of millions of loyal PayPal wallet holders who now will be able to click the ‘Buy with PayPal button’ on ChatGPT and have a safe and secure checkout experience,” Chriss said in an interview.

The move makes PayPal an early part of OpenAI’s efforts to broaden ChatGPT’s use for e-commerce. The thinking is that its 700 million-plus weekly users can lean on artificial intelligence to help them find items, similar to a human personal shopper. Last month, OpenAI said its users could buy from Shopify and Etsy merchants, and two weeks ago it announced an e-commerce deal with Walmart.

“It’s a whole new paradigm for shopping,” Chriss said. “It’s hard to imagine that agentic commerce isn’t going to be a big part of the future.”

PayPal is attempting to position itself as a payments backbone for the coming era of agentic AI shopping, announcing recent deals with Google and artificial intelligence firm Perplexity. The fintech firm issued a release on its OpenAI deal Tuesday.

The company will also manage merchant routing, payment validation and other behind-the-scenes aspects of payment processing for PayPal sellers on ChatGPT, so individual merchants don’t have to sign up with OpenAI, the firm said.

Chriss touted the fact that both consumers and merchants have been verified by the fintech firm, reducing the risk of fraud for either group. Users can pull funds from linked bank accounts or credit cards, or stored balances, to pay for purchases, and they’ll get protections, package tracking and dispute resolution.

“It’s not just that a transaction can happen,” Chriss said. “It’s that this is a trusted set of merchants, the largest merchant network in the world from PayPal, that are verified, with the largest set of verified consumers in a consumer wallet.”

PayPal also said it is expanding the use of OpenAI’s enterprise AI products for its employees to speed up product cycles.



Source link

Continue Reading

Business

Car headlights to be reviewed after drivers complain of being ‘blinded’ at night

Published

on

Car headlights to be reviewed after drivers complain of being ‘blinded’ at night


Katy Austin,Transport correspondent and

Lucy Hooker,Business Reporter

EPA A truck, with two cars behind it have bright headlights in the early morning lightEPA

Criticism from drivers over the dazzle from oncoming headlights has prompted the government to take a closer look at the design of cars and headlamps on UK roads.

Drivers say LED headlamps, which are increasingly common in new vehicles, are causing them problems and making it harder to drive at night

Research into the issue on behalf of the Department for Transport (DfT) has still not been published, but the BBC has learned that the government now plans to launch a new assessment of the causes and remedies.

New measures will be included in the government’s upcoming Road Safety Strategy, reflecting what is becoming an increasingly fraught issue for road users.

Both Ruth Goldsworthy and Sally Burt say bright headlights make it harder for them to get to their weekly SO Sound choir meetings in Totton, in Hampshire.

“Some of the lights are so bright you are blinded by them, for seconds,” says Ruth.

The beam from LED headlights is whiter, more focused and brighter than the more diffuse light from halogen lamps fitted in older cars.

“I’m not sure where to look, I look into the gutter,” says Sally. They are both relieved if someone else offers to drive.

Evening driving becomes a bigger problem as the winter evenings draw in, and especially after the clocks change, which means more people are driving in the dark.

The problem is worse for older people, whose eyes take around nine seconds to recover from glare, compared to one second for a 16-year-old, according to road safety consultant, Rob Heard.

“In severe cases, we might need to stop until our sight can recuperate,” he said.

A survey from the RAC motoring organisation found that more than a third of drivers were nervous about getting behind the wheel as the evenings get darker. Three quarters of respondents said driving was getting more difficult due to brighter lights.

Two middle-aged women in jumpers, leaning their heads towards each other for the photo, both smiling broadly.

Ruth Goldsworthy (L) and Sally Burt (R) both say they are put off night-driving by the glare from brighter headlamps

The RAC’s senior policy officer, Rod Dennis, said so far little progress has been made on tackling glare, with regulations governing headlights dating back to 1989.

A Department for Transport spokesperson said: “We know headlight glare is frustrating for many drivers, especially as the evenings get darker.”

What to do in the face of brighter headlamps:

  • Ensure your windscreen is clean
  • Wear glasses and keep them clean
  • Avoid looking straight ahead, instead focus on the edge of the road
  • Do not wear night sunglasses sold for night-driving, as they reduce overall light and won’t reduce glare.

Source: College of Optometrists

New research

The results of last winter’s government commissioned research into the “causes and impact of glare” have been delayed since the summer but are now expected in the next few weeks, the DfT said.

They will inform the upcoming Road Safety Strategy, which is also expected to tighten rules on drink-driving and eye-sight tests for older drivers.

The BBC understands the government is commissioning new research into the role of vehicle design in causing glare, and possible solutions, which will feed into international discussion of the issue.

Getty Images Close-up of an LED headlight shining in the dark with a blue-white glowGetty Images

LED lamps give off a blue-white light

One already well-understood source of glare is drivers retrofitting their vehicles, replacing old halogen bulbs with LEDs.

The housing for halogen bulbs is not compatible with LED bulbs, and a retrofitted car will not pass its annual MOT check-up.

As part of the government’s new approach the Driver and Vehicle Standards Agency has “stepped up surveillance” to stop the sale of illegal retrofit headlamp bulbs, the DfT said.

Seeing better

Cars sold with LED lights can improve road safety, Thomas Broberg, senior adviser for safety at Volvo told the BBC.

“Headlights have become brighter over the years to help drivers see better,” he said.

However, avoiding dazzle was “equally important”, he said.

“I would say poor aiming of the headlights and also the road shape are the major factors for glare,” he said.

For larger vehicles, such as SUVs, where lamps are higher off the ground, there is a requirement for the beam to point more sharply downwards, to protect oncoming drivers. But the angle can be affected by how many passengers it is carrying.

Some new cars with “adaptive features” adjust the lamps automatically if there is a change in load, but cars without that will need manual adjusting, Mr Broberg said.

Some new cars also have automatic headlamp dipping, which lowers the lights when an oncoming vehicle is detected.

Getty Images/Stephen Robinson Pictures The driver's view out of the front of a car on a dark, rainy night. Inside the car dials on the dashboard are lit up and the rear-view mirror is visible. Through the windscreen you can see blurred oncoming headlights in the distance.Getty Images/Stephen Robinson Pictures

Three quarters of drivers surveyed by the RAC said bright lights were making night driving harder.

However, Daniel Harriman-McCartney, clinical advisor at the College of Optometrists, said automatic dimming features can be “slow to kick in”.

“If it only works when the car is closer than it needs to be, or doesn’t work for cyclists, that can be a problem,” he said.

He is seeing an increasing number of patients concerned about headlamp glare, he added.

Dazzling headlights are cited as a factor in around 250 accidents a year, but there is no evidence that brighter lights are causing more collisions than previously, the RAC concedes.

Instead, worried drivers may simply be “taking the risk off the road” by not driving at night, with a big social impact, the RAC’s Mr Dennis warned.

He would like to see action that “strikes a balance”.

“We don’t want to go back to worse headlights. It is about what is bright enough.”



Source link

Continue Reading

Trending