Bohra Industries Limited is an Indian fertilizer manufacturer currently undergoing a comprehensive structural and strategic transformation. Originally incorporated in **1996**, the company is transitioning from a period of insolvency-induced dormancy toward a revitalized operational phase under new global ownership. Following a **Corporate Insolvency Resolution Process (CIRP)** approved by the **NCLT** on **October 13, 2021**, the company is now executing a "Change in Control" strategy to resume its position in the essential agricultural nutrients market. --- ### **Strategic Ownership Transition & Management Reconstitution** The company is currently the subject of a significant takeover and recapitalization effort led by **Mark AB Capital Private Limited** (formerly Mark AB Capital Investment India Private Limited). * **Change in Control:** In **August 2025**, a change in control was initiated following an **Open Offer** by the Acquirer. This resulted in the reclassification of the former promoters to the public category. * **Acquirer Stake:** Under a **Share Subscription Agreement (SSA)**, the Acquirer was allotted **68,75,000 equity shares** (representing **29.64%** of the emerging voting capital) at **₹32 per share**. * **Mandatory Open Offer:** An offer was launched to acquire up to **70,19,667 equity shares** (**30.26%** of voting capital) from public shareholders at **₹32 per share**, totaling **₹22.46 Crore**. * **New Leadership:** **Mr. Atul Dave** has been appointed as **Managing Director** for a **5-year term** effective **September 7, 2025**. The board has been further strengthened with the appointment of several Non-Executive Directors to enhance corporate governance. * **Administrative Shift:** To exploit new business opportunities and improve oversight, the Board approved shifting the **Registered Office** from **Udaipur, Rajasthan** to the **National Capital Territory (NCT) of Delhi**. --- ### **Capital Structure & Listing Status** The company migrated from the **NSE EMERGE** platform to the **NSE Main Board** on **October 27, 2022**, signaling its intent to engage with a broader investor base. | Metric | Details (as of mid-2025) | | :--- | :--- | | **NSE Symbol / ISIN** | **BOHRAIND** / **INE802W01023** | | **Authorized Share Capital** | **₹ 30,00,00,000** | | **Paid-up Equity Capital** | **₹ 21,17,21,520** | | **Dematerialization** | **100%** (Held via NSDL and CDSL) | | **Public Shareholding** | Minimum **25%** required (SEBI/SCRR compliance) | **Recent Capital Raising Activities:** The company has utilized preferential allotments of equity and convertible warrants to fund its turnaround: * **June 2025:** Raised **₹22.00 Crore** via equity and **₹6.48 Crore** via **20,25,002** warrants at **₹32**. * **October 2025:** Issued **40,00,000** warrants at **₹31**, totaling **₹12.40 Crore**. * **Warrant Terms:** Convertible **1:1** within **18 months**; **25%** upfront payment with **75%** due upon exercise. --- ### **Product Portfolio & Market Positioning** Bohra Industries operates in a **single business segment: Fertilizer products**. The company focuses on soil enrichment through synthetic compounds designed to enhance crop yields. * **Core Manufacturing:** Production of **Single Super Phosphate (SSP)** and **Granulated Single Super Phosphate (GSSP)** in both powder and granulated forms. * **Premium Fortification:** A strategic foray into **Zincated SSP**, integrating **Zinc** as a micronutrient to improve soil quality and crop resistance. * **Trading Operations:** Sourcing and distribution of **Rock Phosphate**, **NPK Compounds** (Nitrogen, Phosphorous, Potassium), and other secondary nutrients based on market demand. * **Quality Standards:** The facility is **ISO 9001:2008**, **ISO 14001:2004**, and **OHSAS 18001:2007** certified, featuring an in-house laboratory compliant with the **Fertilizer Control Order (FCO)**. --- ### **Operational Infrastructure & Asset Base** While the company is currently in a non-operational state, it maintains a significant physical and technical foundation for a restart. * **Manufacturing Plant:** Located in **Udaipur, Rajasthan**. * **Automation:** The facility is historically noted as being fully automated and **PLC controlled**. * **Asset Valuation:** As of **March 31, 2025**, the company reported **Non-Current Assets** of **₹22.70 Crores**, including **₹15.82 Crores** in Fixed Assets (Property, Plant, and Equipment). * **Inventory Management:** A phased verification program for PPE is conducted every **three years**. No new manufacturing activity or purchases were recorded in **FY 2023-24**. --- ### **Financial Performance & Recovery Status** The company’s financials reflect a "pre-revenue" recovery phase following the insolvency process. | Metric (Standalone) | FY 2024-25 (₹ in Crore) | FY 2023-24 (₹ in Crore) | | :--- | :---: | :---: | | **Total Revenue** | **0.00** | **0.00** | | **Net Profit / (Loss)** | **(3.68)** | **(2.58)** | | **Depreciation** | **1.35** | **1.36** | | **Trade Receivables** | **29.45** | **-** | **Debt Restructuring:** Following the NCLT resolution, liabilities have been restructured to **₹1.20 Crores** (Long Term) and **₹4.69 Crores** (Current). An escrow account with **ICICI Bank** holds **₹5.61 Crore** (25% of the Open Offer consideration) to secure the acquisition process. --- ### **Critical Risk Factors & Challenges** #### **1. Operational & Liquidity Constraints** * **Stalled Activity:** The company has reported **NIL turnover** for three consecutive years. Future viability depends entirely on the successful deployment of new capital to restart the Udaipur plant. * **NOC Delays:** A major bottleneck was resolved on **April 24, 2024**, when the **NCLAT** ordered a financial creditor to release a mandatory **No Objection Certificate (NOC)**, which had previously blocked access to bank credit facilities. #### **2. Regulatory & Compliance History** * **Trading Suspension:** Trading on the **NSE** was suspended from **August 16, 2024**, to **March 03, 2025**, due to non-compliance with **SEBI (LODR)** regulations. * **Governance Gaps:** Past failures include delayed financial filings, lack of a **CFO** in **FY 2023-24**, and failure to maintain records in **Structured Digital Database (SDD)** software per insider trading norms. #### **3. Macro-Economic & Industry Risks** * **Subsidy Dependency:** Revenue is heavily tied to **Government of India** subsidies. Any shift in agricultural policy or delay in subsidy disbursement impacts cash flow. * **Input Volatility:** The business is sensitive to the fluctuating prices of **Rock Phosphate** and global energy costs. * **Environmental Norms:** Operations must adhere to stringent quality and marking guidelines set by the **Fertilizer Association of India**. --- ### **Future Outlook & Growth Drivers** The management’s strategy for revival is anchored in three pillars: 1. **National Alignment:** Leveraging government initiatives aimed at **doubling farmer income** to drive demand for synthetic fertilizers. 2. **Capital Utilization:** Proceeds from recent warrant and equity issues are earmarked for **working capital**, **debt repayment**, and potential **subsidiary investments**. 3. **Modernization:** Transitioning from traditional farming substances to high-yield **modern synthetic compounds** and fortified nutrients like **Zincated SSP** to capture higher margins.