POLYSIL IRRIGATION SYST L Share price

Polysil Irrigation Systems Limited was originally incorporated as a Private Company in the name and style of 'Silvassa Poly-Tex Industries (India) Private Limited' vide Certificate of Incorporation dated October 09, 1985 issued by the Registrar of Companies, Maharashtra. Subsequently, the name of Company changed to 'Silvassa Pipes Private Limited' dated July 11, 1996 and further to 'Polysil Irrigation Systems Private Limited' dated January 03, 2011. The Company was then converted into a Public Company and consequently upon conversion to Public Limited, the name changed to 'Polysil Irrigation Systems Limited' vide a fresh Certificate of Incorporation dated December 27, 2022 issued by the Registrar of Companies, Ahmedabad. As a manufacturer and seller of drip and sprinkler irrigation system, Company's product range includes HDPE Pipes, pipe fittings and irrigation equipments, including disc filters, screen filters, hydro-cyclone filters, sand filters (gravel), compression fittings, valves (electrical and mechanicals), fertilizer tanks, Digital Controllers, Pressure Gauges, etc used in agriculture and horticulture sector. It sell these products under 'Polysil' brand. Presently, the Company is engaged in manufacturing and sale of HDPE Pipes, Fittings and micro irrigation systems, consisting of drip irrigation system and sprinkler irrigation system, its components, irrigation accessories and allied products. Drip irrigation systems are used for irrigating new crops such as vegetables, flowers, fruits, plantation crop, etc., while the sprinkler irrigation system is used for irrigating broadcast crops such as cereals, oil seeds, etc. Apart from these, the Company sell products through institution markets and open market sale. Under the open market sale, it sell products through channel partners, distributors and dealers, who then resell the products to customers i.e. farmers in the State of Maharashtra, Madhya Pradesh and Rajasthan. In the Institution Market, it get work orders directly from nodal agencies of various state governments after loan tie ups/Contribution by farmers and determination of subsidy eligibility by the nodal agencies. Thereafter, it sell products which is categorised as project market sale. In the Open Market, the Company access direct and indirect sales channels for marketing products. Under direct sales, marketing team approach directly to large end users whereas under indirect sales channel, it has dealers and distributors for marketing products. In 2018-19, the Scheme of Arrangement for Demerger of HDPE Pipes Division of Polysil Irrigation Systems Limited (the Demerged Company) into Tufropes Private Limited (TPL/ the Resulting Company) was made effective from December 01, 2017. The Company came up with the IPO of 32,28,000 equity shares of Rs 10 each, by raising Rs 17.43 crores, consisting a fresh issue of 14,44,000 equity shares aggregating to Rs 7.80 crores and the offer for sale of 17,84,000 equity shares aggregating to Rs 9.63 crores on February 13, 2024.