Stallion India Fluorochemicals Limited

listedRefreshing

NSE · Source: NSE

DRHP2 Sept 2026completed
RHP20 Aug 2026completed
Price band20 Aug 2026completed
Opened16 Jan 2025completed
Closed20 Jan 2025completed
Allotteddate not on filereached, date not recorded
Listed23 Jan 2025completed

Price band

₹85–₹90

Issue size

₹199.45 Cr

Fresh issue

₹160.73 Cr

Offer for sale

₹38.72 Cr

Governance observations

Supported by the filing.

The Company acquired promoter-owned Stallion Enterprises through a September 30, 2023 slump sale for ₹3,246.86 lakhs, paid through issuance of 6,341,514 Equity Shares. The same related party had substantial historical sales, purchases and balances with the Company. (p.242, 243)
The Khalapur premises relevant to planned operating activities are leased from promoter Shazad Sheriar Rustomji for a 24-month term beginning October 1, 2023. (p.35)
Promoter Shazad Sheriar Rustomji has provided personal guarantees for ₹2,000.00 lakhs of the Company's loan facilities. (p.47)
The Offer includes an OFS of 43,02,656 Equity Shares by promoter Shazad Sheriar Rustomji alongside a materially larger fresh issue of up to 1,78,58,740 Equity Shares. (p.1, 59)
The DRHP's primary KPI table reports RoCE of 5.59% for Apr-Sep 2023, while the peer-comparison KPI table reports Stallion RoCE of 7.37% for the same period. The document therefore presents two different RoCE values for that period. (p.108, 109)
Historical financials required restatement for previously omitted expected-credit-loss allowances, post-employment benefits, deferred-tax adjustments and correction of a deferred-tax error. (p.247, 248, 249)
The fund requirements and deployment for the proposed IPO objects are based on management estimates and were not appraised by a bank or financial institution. (p.82, 83)

Selling shareholders

Who is offloading shares in this offer, as named in the filing. The reading captures names, not the per-seller split of shares or amount — that level of detail is a fresh-issue/OFS split for the whole offer, not per shareholder, in most prospectuses this reads.

Counterparty	Nature	Amount	% of revenue	Pages
Stallion Enterprises	Sale of goods	₹1,092.96 lakhs / ₹1,488.59 lakhs / ₹3,850.87 lakhs / ₹3,284.59 lakhs for Sep 30 2023 / Fiscal 2023 / Fiscal 2022 / Fiscal 2021	—	242
Stallion Enterprises	Purchase of goods	₹292.02 lakhs / ₹1,701.21 lakhs / ₹1,426.42 lakhs / ₹444.77 lakhs for Sep 30 2023 / Fiscal 2023 / Fiscal 2022 / Fiscal 2021	—	242
Stallion Enterprises	Rent paid	₹6.00 lakhs / ₹12.00 lakhs / ₹12.00 lakhs / ₹12.00 lakhs for Sep 30 2023 / Fiscal 2023 / Fiscal 2022 / Fiscal 2021	—	242
Shazad Rustomji	Remuneration	₹12.00 lakhs / ₹24.00 lakhs / ₹24.00 lakhs / ₹24.00 lakhs for Sep 30 2023 / Fiscal 2023 / Fiscal 2022 / Fiscal 2021	—	242
Geetu Yadav	Remuneration	₹15.00 lakhs / ₹30.00 lakhs / ₹19.20 lakhs / ₹12.60 lakhs for Sep 30 2023 / Fiscal 2023 / Fiscal 2022 / Fiscal 2021	—	242
Manisha Rustomji	Remuneration	₹6.00 lakhs / ₹12.00 lakhs / ₹12.00 lakhs / ₹12.00 lakhs for Sep 30 2023 / Fiscal 2023 / Fiscal 2022 / Fiscal 2021	—	242
Rohan Rustomji	Remuneration	₹2.70 lakhs / ₹4.80 lakhs / ₹2.00 lakhs / nil for Sep 30 2023 / Fiscal 2023 / Fiscal 2022 / Fiscal 2021	—	242
Prachi Walawalkar	Remuneration	₹0.90 lakhs / ₹1.80 lakhs / ₹1.80 lakhs / ₹1.05 lakhs for Sep 30 2023 / Fiscal 2023 / Fiscal 2022 / Fiscal 2021	—	242
Shazad Rustomji	Business transfer of Stallion Enterprises under slump sale; consideration paid through issue of 6,341,514 Equity Shares	₹3,246.86 lakhs	—	243
Shazad Rustomji	Outstanding trade payable	₹718.01 lakhs as at September 30, 2023	—	243

Governance observations

Selling shareholders

Governance observations

Selling shareholders

Related-party transactions