Exxaro Tiles Ltd

Exxaro Tiles Ltd

The company was incorporated at Himmatnagar as `Ricasil Ceramic Industries Private Limited' on 02 January 2008 as a private and joint stock company pursuant to conversion of M/s. Ricasil Ceramic Industries a partnership firm. The partnership firm was originally formed by a partnership deed dated 14 May 2007 read with supplementary partnership deeds dated 07 December 2007 and 20 December 2007 respectively. This firm was thereafter converted into a private company pursuant to a certificate of incorporation dated 02 January 2008 in the name of Ricasil Ceramic Industries Private Limited. Pursuant to a special resolution passed by the shareholders of the Company at the extra-ordinary general meeting held on 12 February 2018 the name of the Company was changed to Exxaro Tiles Private Limited. Thereafter the Company was converted into a public limited company pursuant to a special resolution passed by Shareholders of the Company at the Extraordinary General Meeting held on 09 December 2020.The is engaged in the manufacturing and marketing of vitrified tiles that primarily used as flooring solutions. During the FY2018the company has allotted 657943 equity shares of Rs 10 each at a price of Rs 110 per share on rights basis.During the FY2019the company has made fresh secured borrowings from ECL Finance Ltd amounting to Rs 4 crore for the expansion of the business.During the year 2020-21 the Board of Directors of the Company approved taking steps to initiate the process for an Initial Public Offering (IPO) of the Company by way of an offer for sale of upto 2238000 Equity shares of the Company by Dixitkumar K. Patel and fresh issue of upto 11186000 equity shares of the Company For the purpose of repayment of secured debts funding the working capital requirements and for general corporate purpose.The company came out with IPO during the month of August 2021 and offered 13424000 equity shares of Rs 10 each at a premium of Rs 110 per share aggregating to Rs 161.09 crore. The allotted shares were listed on the BSE Ltd and the National Stock Exchange of India(NSE) on 16 August 2021.