Greenhitech Ventures shares debut at 90% premium over issue price

The company is engaged in trading of various petroleum-based products for the different categories of industries based on their requirements. This includes supply of biofuels, bitumen, light density oils, furnace oils etc.

Greenhitech is also engaged in operation and maintenance as a Job worker for Ethanol manufacturing in government owned distilleries.

"We understand the market needs and upgrade our team constantly with growing technology and market trends. We provide business solutions and services to consumers of guels and other alternative materials across India," the company had earlier said.

After receipt of tender, the company also runs the ethanol plant in a government owned distillery and manufactures ethanol and transfers all ethanol manufactured to the respective distillery. Hence there is no procurement and selling of product for ethanol manufacturing as our Company manufactures ethanol in government owned distilleries for transferring to them only.

The , which was completely a fresh equity issue of 12.6 lakh shares, received massive response from investors with a subscription of over 700 times at close.

The net proceeds from the public offer will be used for working capital requirements, general corporate purposes and public issue expenses.

The oil and gas industry is expected to attract $25 billion investment in exploration and production by 2022. India is already a refining hub with 23 refineries, and expansion is planned for tapping foreign investment in export-oriented infrastructure, including product pipelines and export terminals.India’s crude oil production in FY23 stood at 29.2 MMT.

For the period ended January 2024, the company clocked revenues of Rs 3.35 crore and net profit of Rs 35 lakh.