Tag: Gujarat

Fonebox Retail IPO opens on Wednesday, January 24, 2024; price band fixed at Rs. 66 – Rs. 70 per share

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Telugu super news,Hyderabad, January 19, 2024: Fonebox Retail Limited (The Company), a popular mobile and consumer durables retailer in Gujarat, today announced that its Initial Public Offer (IPO) will open on Wednesday, January 24, 2024. The Anchor portion will be open on Tuesday, January 23, 2024, and the issue will conclude on Monday, January 29, 2024. 

The company plans to raise approximately Rs. 20.37 crore from the offer and aims to be listed with NSE Emerge. The price band for the issue has been fixed at Rs. 66 – Rs. 70 per share. Bids can be made for a minimum of 2,000 equity shares.

Beeline Capital Advisors Private Limited is the Book Running Lead Manager, and KFIN Technologies Limited is the Registrar to the Issue.

The offer comprises a fresh issue of 29,10,000 Equity Shares with a face value of Rs 10/- through the book-building route. As many as 13,78,000 Equity Shares have been reserved for the QIB Quota, including Anchor Reservation, 4,16,000 Equity Shares for the HNI portion, 9,70,000 Equity Shares allocated for the Retail Quota and Market Maker Quota accounts for 1,46,000 Equity Shares.

The Ahmedabad-based company plans to utilise IPO proceeds to meet its working capital requirements, for general corporate purposes and public issue expenses. Fonebox Retail plans to invest Rs. 13.5 crore to expand its retail store network to more cities in Gujarat. The company proposes to spend the remaining capital on acquiring land to build corporate headquarters, hiring human resources in marketing and technical departments, servicing repayment obligations under existing and future financing arrangements and funding future growth opportunities. 

The retailer sells smartphones and allied accessories from manufacturers like Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG and Micromax. The company also offers consumer durable electronic goods like laptops, washing machines, smart TVs, air conditioners and refrigerators from popular brands, including TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme and OnePlus in its multi-brand stores across Gujarat.

The company operates a large network of 143 multi-brand outlets under three brand names: Fonebox, Fonebook and MyMobile, in more than 20 cities across Gujarat. Of the total stores, 39 are Company Owned and Company Operated (COCO model) stores, and 104 stores are Franchise Owed and Company Operated (FOCO model).

Fonebox Retail is promoted by a group of dynamic and experienced entrepreneurs – Manishbhai Girishbhai Patel, Jigar Lallubhai Desai, Parth Lallubhai Desai, Jigneshkumar Dashrathlal Parekh and Amitkumar Gopalbhai Patel. The retailer commenced its operations in February 2021 under the brand ‘Fonebox’, and acquired two retail store brands ‘Fonebook’ and ‘MyMobile’ later that year.

The retailer posted a total revenue of Rs. 139.75 crore and a profit (PAT) of Rs. 1.55 crore in the first half of the current financial year ending September 30, 2023. Its revenue grew to Rs. 195.82 crore in FY2022-23, up from Rs. 90.90 crore in the previous financial year. In FY2022-23, Fonebox Retail reported a profit (PAT) of Rs. 1.59 crore, compared to Rs. 12.79 Lakh in FY2021-22. 

For more information, please visit: https://www.fonebook.in/   

Gujarat Chief Minister Bhupendrabhai Patel Lays Foundation Stonefor CtrlS’ GIFT City Datacenter at Gandhinagar

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Telugu super news,Gandhinagar, December 22, 2023: CtrlS Datacenters Ltd, the world’s fastest growing Rated-4 Datacenter provider held its ground-breaking ceremony today for its Greenfield datacenter in GIFT City, Gujarat. Bhupendrabhai Patel, Chief Minister of Gujarat, laid the foundation stone for the facility in a ceremony held today.

CtrlS Datacenters plans to invest over Rs 250 crore and create 1,000 jobs (direct and indirect) in the ecosystem, in multiple phases. CtrlS Datacenters has been selected after careful evaluation of various datacenter companies, based on its ability to develop an ecosystem, its unique business model in creating jobs and its Rated-4 infrastructure. Gujarat will be getting its first Rated-4 datacenter with all the managed services portfolio.

Sridhar Pinnapureddy, Chairman, CtrlS Datacenters Ltd, said, “The State of Gujarat is one of the fastest-growing economic hubs in India, making it a strategic destination for CtrlS’ ongoing expansion. We are excited to bring our expertise to the State. Located in GIFT City, the datacenter will be easily accessible to all major clusters of the State. GIFT City is a global financial hub and home to several large international and national BFSI companies and is an ideal location for us.” 

He further stated, “We are thankful to Gujarat Government and GIFT City authorities for extending all the support for our project. CtrlS Gandhinagar 1 DC will serve as an integral part of the larger digital infrastructure ecosystem, enabling the digital growth needs and aspirations of BFSI and other industries in the region.”

Speaking at the Groundbreaking ceremony, Gujarat Chief Minister, Bhupendrabhai Patel said, “Amidst global interest in connecting with India, GIFT City stands as a beacon, drawing major global financial organizations. Welcoming Asia’s largest Rated-4 datacenter, CtrlS Datacenters, to Gujarat reflects our commitment. The Gujarat state government pledges comprehensive support. I am confident that CtrlS’ presence will inspire more companies to join the thriving ecosystem of GIFT City in the days ahead.”

CtrlS Datacenters’ foray and expansion into the State will further boost the digital infrastructure ecosystem in the region. GIFT City houses large banks, insurers, intermediaries, exchanges, trading companies, clearing companies, financial services companies, IT, ITeS and others. The region serves as a hub for several financial activities including offshore banking, capital markets, offshore asset management, offshore insurance, ancillary services, IT, ITeS and BPO Services.  

CtrlS Datacenters is trusted by banks, telecom operators, financial services companies, e-commerce players among others. The company offers industry best uptime SLA of 99.995% combined with fault-tolerant Rated-4 datacenter facilities, industry lowest PUE of 1.3 (design), carrier-neutral facilities, and faster deployment.

In addition to this, CtrlS Datacenters will extend its group company Cloud4C’s managed services to give an edge to financial institutions operating in the GIFT City. Cloud4C is already working with several large financial services customers worldwide as well as with multinational banks.

CtrlS Datacenters has recently announced a $2 billion investment plan and has identified three strategic investment areas over the next six years: (A) Augmented footprint of hyperscale datacenters that are custom-built for AI and cloud workloads (B) Achieve Net Zero and (C) Augment team strength & capabilities.