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

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


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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.

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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

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SC permits Centre to review Rs 6,000cr additional dues on Vodafone-Idea – The Times of India

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SC permits Centre to review Rs 6,000cr additional dues on Vodafone-Idea – The Times of India


NEW DELHI: The Union govt on Monday convinced the Supreme Court to permit the department of telecom to review its demand of Rs 6,000 crore additional adjusted gross revenue demand for the FY 2016-17 on Vodafone-Idea. Chief Justice B R Gavai and Justice K Vinod Chandran was informed by solicitor general Tushar Mehta that since the previous round of litigation, in which Vodafone was ordered to pay the AGR dues, there had been a change of circumstance as the Centre has acquired a 49% stake in the company. Mehta said, “We do not want the company, in which the govt has a huge investment, to go bankrupt to make 20 crore people suffer. ‘Govt wants to prevent monopoly’ Govt wants more players in the mobile telecom sector to prevent monopoly,” said solicitor general Tushar Mehta. Vodafone through senior advocate Mukul Rohatgi had argued that the SC had frozen the AGR dues at Rs 58,254 crore as of 2016-17 and that the DoT cannot raise additional AGR dues in breach of the SC order. Govt had converted Rs 36,950 cr dues as its 49% equity in the telecom service provider.

SC: Centre can review ₹6kcr additional dues on Voda-Idea

The bench noticed the element of public interest in the case and permitted the Centre to take a fresh view of the additional AGR demands, especially when the issue is purely in the policy domain and involves the interests of 20 crore people. “We see no reason why the Centre should be prevented from taking a relook at the additional AGR dues,” the bench said.





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OpenAI shares data on ChatGPT users with suicidal thoughts, psychosis

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OpenAI shares data on ChatGPT users with suicidal thoughts, psychosis


OpenAI has released new estimates of the number of ChatGPT users who exhibit possible signs of mental health emergencies, including mania, psychosis or suicidal thoughts.

The company said that around .07% of ChatGPT users active in a given week exhibited such signs, adding that its artificial intelligence (AI) chatbot recognizes and responds to these sensitive conversations.

While OpenAI maintains these cases are “extremely rare,” critics said even a small percentage may amount to hundreds of thousands of people, as ChatGPT recently reached 800 million weekly active users, per boss Sam Altman.

As scrutiny mounts, the company said it built a network of experts around the world to advise it.

Those experts include more than 170 psychiatrists, psychologists, and primary care physicians who have practiced in 60 countries, the company said.

They have devised a series of responses in ChatGPT to encourage users to seek help in the real world, according to OpenAI.

But the glimpse at the company’s data raised eyebrows among some mental health professionals.

“Even though .07% sounds like a small percentage, at a population level with hundreds of millions of users, that actually can be quite a few people,” said Dr. Jason Nagata, a professor who studies technology use among young adults at the University of California, San Francisco.

“AI can broaden access to mental health support, and in some ways support mental health, but we have to be aware of the limitations,” Dr. Nagata added.

The company also estimates .15% of ChatGPT users have conversations that include “explicit indicators of potential suicidal planning or intent.”

OpenAI said recent updates to its chatbot are designed to “respond safely and empathetically to potential signs of delusion or mania” and note “indirect signals of potential self-harm or suicide risk.”

ChatGPT has also been trained to reroute sensitive conversations “originating from other models to safer models” by opening in a new window.

In response to questions by the BBC on criticism about the numbers of people potentially affected, OpenAI said that this small percentage of users amounts to a meaningful amount of people and noted they are taking changes seriously.

The changes come as OpenAI faces mounting legal scrutiny over the way ChatGPT interacts with users.

In one of the most high-profile lawsuits recently filed against OpenAI, a California couple sued the company over the death of their teenage son alleging that ChatGPT encouraged him to take his own life in April.

The lawsuit was filed by the parents of 16-year-old Adam Raine and was the first legal action accusing OpenAI of wrongful death.

In a separate case, the suspect in a murder-suicide that took place in August in Greenwich, Connecticut posted hours of his conversations with ChatGPT, which appear to have fuelled the alleged perpetrator’s delusions.

More users struggle with AI psychosis as “chatbots create the illusion of reality,” said Professor Robin Feldman, Director of the AI Law & Innovation Institute at the University of California Law. “It is a powerful illusion.”

She said OpenAI deserved credit for “sharing statistics and for efforts to improve the problem” but added: “the company can put all kinds of warnings on the screen but a person who is mentally at risk may not be able to heed those warnings.”



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UK airline Eastern Airways suspends operations with all flights cancelled

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UK airline Eastern Airways suspends operations with all flights cancelled



UK domestic airline Eastern Airways has suspended operations and all of its flights have been cancelled.

Customers of the airline, which operated regional services from airports across the UK, are being urged not to go to the airport as flights will not be operating, the UK Civil Aviation Authority said.

Destinations the airline flew to included Aberdeen, Humberside, London Gatwick, Newquay, Teesside International and Wick, according to its website.

Eastern Airways customers are being urged to make their own alternative travel arrangements via other airlines, rail or coach operators.

On Monday morning Eastern Airways (UK) Ltd filed a notice of intention to appoint an administrator at the Insolvency and Companies Court, which is within the High Court.

Selina Chadha, consumer and markets director at the UK Civil Aviation Authority, said: “We urge passengers planning to fly with this airline not to go to the airport as all Eastern Airways flights are cancelled.

“Eastern Airways customers should visit the Civil Aviation Authority’s website for the latest information.”

Following the suspension of Eastern Airways operations, London and North Eastern Railway, ScotRail, TransPennine Express, and Northern will offer free standard class travel to Eastern Airways staff and customers on October 28 and 29, on suitable routes operated by each train company, the UK Civil Aviation Authority said.

To access this support, present either an Eastern Airways employee ID, boarding pass, or flight confirmation to station staff.



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