PROZEAL Green Energy Limited Files DRHP with SEBI

PROZEAL Green Energy Limited, the fourth largest solar EPC company in India in terms of revenue from operations for Fiscal 2024 (source: Crisil Report), has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

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.

Pidilite Elevates Vats to MD, Singh Joins as JMD

2nd April 2025: The Board of Directors of the Company has approved the appointment of Mr. Sudhanshu Vats as Managing Director and the appointment of Mr. Kavinder Singh as Joint Managing Director, in its Board Meeting held on 1st April 2025. This change will be effective from 10th April 2025, after the completion of the term of the current Managing Director, Mr. Bharat Puri who has been the Managing Director of the Company for a decade since 10th April 2015.

The Board expressed its deep appreciation and gratitude for the valuable contributions made by Mr. Bharat Puri during his tenure as Managing Director of the Company.

The Board of Directors also appointed Mr. Bharat Puri as Non-Executive and Non-Independent Director of the Board of the Company for a term of 3 years commencing from 10th April 2025 to 9th April 2028.

Commenting on the announcement, Mr. M. B. Parekh, Executive Chairman of the Company, said “We thank Bharat for his invaluable contribution as Managing Director for the last 10 years. Pidilite has made substantial progress and created significant shareholder value during his term. The appointments of Sudhanshu and Kavinder as MD and Joint MD will reflect the next phase of the Pidilite leadership journey. I look forward to working with the two of them in building the Pidilite of the future”.

,omuny

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RSB Women Changemaker Awards Celebrate Strong & Visionary Women

2nd April 2025, Pune: RSB Group proudly hosted the fourth edition of its Women Changemakers Award Ceremony under its flagship women empowerment initiative, Ek Pahal, in Pune. The event celebrated and honored remarkable women who have significantly contributed to society in the fields of education, social work, and community service.

The ceremony commenced with traditional lamp lighting and Ganesh Vandana, setting the tone for an evening of inspiration and empowerment. A compelling skit titled Shabashiyaan, performed by RSB employees, shed light on women’s struggles at every stage of life, societal expectations, and unwavering resilience to fight all odds and never give up.

The event was graced by Chief Guest Seema Dhakane, Senior Police Inspector, Chandan Nagar Police Station Pune, who delivered an inspiring address on the importance of women’s empowerment and ability to take independent decisions in today’s world. Addressing the audience, she applauded RSB for this powerful initiative and added, “Empowerment begins with the courage to take risks and make decisions for oneself. Women must express themselves fearlessly, uplift each other, and create a world where every woman has the support to grow and succeed.”

Additionally, esteemed educator Deepali Chavan, Founder of Sri Adhyayan Preschool, Urmila Behera, and Nalini Behera, Founder Members of RSB, were the Guests of Honour for the event.

Honoring Women Changemakers: The Women Changemakers Award 2025 recognized the extraordinary contributions of:

  • Dr. Amrapali Mohite, transgender social worker, for her tireless efforts in supporting 1,087 underprivileged children with education and essential services.

  • Arti Suryavanshi, special educator at Cochlea Pune, for her over two-decade-long dedication to improving the lives of hearing-impaired children.

  • Madhuri Ajay Gaikwad, Founder of Madhuban Matimand Va Bahuvikang Samajik Sanstha, for her selfless service to orphaned girls and children with disabilities.

  • Shanta Balu Pawar, Pune’s revered ‘Warrior Aaji,’ for empowering young girls through martial arts while supporting her family through street performances.

Speaking on the occasion, Nirmala Behera, Executive Director – HR, RSB Group, acknowledged the resilience and achievements of the awardees, stating, “These remarkable women exemplify perseverance and dedication, proving that true change begins with passion and purpose. The Women Changemakers Award Ceremony, organized by Ek Pahal – an initiative of RSB Group, is a testament to the unwavering spirit of those who overcome challenges and work tirelessly for the well-being of their communities. At RSB, we remain steadfast in our commitment to increasing women’s workforce participation by 30% and fostering a more inclusive and empowering work environment.”

The Ek Pahal Women Changemakers Award Ceremony was a resounding success, and through this initiative, RSB Group reaffirms its commitment to recognizing and supporting women who inspire change and lead the way toward a more equitable society.

Kiran Bhadoria Appointed Rooms Division Manager at Novotel Pune

Pune, 02nd April 2025

Novotel Pune is pleased to announce the appointment of Kiran Bhadoria as the new Rooms Division Manager. With over a decade of experience in the hospitality industry, Kiran brings a wealth of expertise in housekeeping operations, guest service excellence, and team leadership.

A passionate animal communicator and animal lover Kiran is known for exceptional attention to detail, speed, and accuracy in operations. Kiran’s areas of expertise include guest room management, horticulture, team training, coaching, and time management. Having been instrumental in implementing brand experience standards and executing stringent hygiene measures during the pandemic, Kiran is known for leadership qualities that inspire teams and foster operational excellence.

Prior to joining Novotel Pune, Kiran served as the Executive Housekeeper at Westin Resort and Spa, Himalayas, and Grand Hyatt, Kochi. Kiran has also held leadership roles at Hyatt Regency Ludhiana, Hyatt Regency Pune, The Leela Mumbai, JW Marriott New Delhi Aerocity, and The Oberoi Mumbai, among others.

On joining Novotel Pune, Kiran Bhadoria shared, “I am thrilled to be a part of Novotel Pune and look forward to elevating the guest experience while driving efficiency and excellence in room division operations.”

Anant Leekha, General Manager, Novotel Pune added, “We are excited to welcome Kiran to our team. Her vast experience and leadership skills will contribute to enhancing our service standards and operational efficiency.”

The team at Novotel Pune looks forward to achieving new milestones under Kiran’s leadership