Rudra Gas Enterprise Ltd

MD Re-appointment

• Change type: Re-appointment of Managing Director.
• Name and designation: Kush Sureshbhai Patel, Managing Director.
• Effective date and term: 4 September 2026 for a 3-year term.
• Reason for change: Re-appointment.
• Profile: BTech from Pandit Deendayal Petroleum University; 10+ years in oil and gas; manages finance and network design.
• Relationships: Mother and brother of appointee are directors.
• Shareholder approval: Appointment subject to shareholders' approval.
• Debarment: Not debarred from director office.
• Impact: Board approves; subject to shareholders; no other changes announced.

Target and Ownership

• Target: Rudra Global Green Energy Private Limited, subsidiary engaged in solar and renewable energy.
• Post-issuance Rudra holds 50.95% of equity.
• Shares allotted: 3,500,000 at Rs 10 each; cost Rs 3.50 crore.
• Pre-transaction Rudra held 51% equity.
• Related party transaction; investment by Rudra Gas at arm's length.

Financials of Target

• Post-allotment paid-up capital Rs 6,88,00,000.
• Pre-issue paid-up capital Rs 1,00,000.
• Turnover NIL for year ended 31/03/2025; earlier Rs 3,22,44,157 as on 31/03/206.

Transaction Details & Rationale

• Investment for execution of existing and future tenders.
• Nature: equity share allotment; cash not involved.
• Cost: Rs 3.50 crore for 3.5 million shares.
• Industry: solar and renewable energy; target services include renewable tech.

Regulatory & Completion

• Regulatory approvals: Not Applicable.
• Timeline: Allotment completed today; no separate completion date.

Target Background

• Incorporation date: 03/01/2025.
• Business: transmitting, distributing, selling solar and renewable energy.
• Country/presence: not disclosed.

Rating Action & Scope

• Long-term rating: Crisil BB/Stable; Issuer Not Cooperating; Removed from Watch Developing.
• Short-term rating: Crisil A4+; Issuer Not Cooperating; Removed from Watch Developing.
• Total rated facilities: Rs 80 crore bank facilities.
• Long-term outlook: Stable.

Instruments Rated

• Bank Guarantee: Rs 50 crore; Crisil A4+; Issuer Not Cooperating.
• Cash Credit: Rs 25 crore; Crisil BB/Stable; Issuer Not Cooperating.
• Letter of Credit: Rs 5 crore; Crisil A4+; Issuer Not Cooperating.
• Bank Guarantee (co-operating lines): Rs 25 crore; Crisil A4+; Issuer Not Cooperating.
• Cash Credit (co-operating lines): Rs 10 crore; Crisil BB/Stable; Issuer Not Cooperating.
• Cash Credit (co-operating lines): Rs 15 crore; Crisil BB/Stable; Issuer Not Cooperating.
• Letter of Credit (co-operating lines): Rs 5 crore; Crisil A4+; Issuer Not Cooperating.

Rationale & Key Points

• Issuer Rudra Gas Enterprise Ltd has not cooperated; rating based on best available information.
• Consolidated view includes Rudra Global Green Energy Pvt Ltd; strategic integration noted.
• Non-cooperation limits forward-looking assessment; information-adequacy risk highlighted.
• Long-term rating outlook remains Stable.
• Investors should exercise caution due to Issuer Not Cooperating suffix.

Material Changes

• Migration to Issuer Not Cooperating; removed from Watch Developing.
• Rating history shows BBB-/Watch Developing previously; now BB/Stable with non-cooperation.

Creation of Encumbrance on Promoter Shares

• Listed company: Rudra Gas Enterprise Limited
• Event: Creation of pledge encumbrance on promoter shares
• Promoters involved: Kush Sureshbhai Patel and Kashyap Sureshbhai Patel
• Shares pledged: 20,33,898 shares (24.40% of total share capital)
• Shares pledged by each promoter: 10,16,949 shares (12.20% each)
• Entity in favour: Shree Kamdhenu Financial Services Private Limited (NBFC)
• Reason: Loan secured by pledge of shares
• Loan amount: INR 7 crore; Share value at event: INR 13.02 crore
• Promoter holding: 60,91,800 shares (73.06% of total capital)
• Encumbered shares as % of promoter holding: 33.40%
• Encumbered shares as % of total capital: 24.40%
• End use: Funds used by listed company for acquiring shares in similar vertical

Creation of Encumbrance on Promoter Shares

• Listed company: Rudra Gas Enterprise Limited
• Event: Creation of pledge on promoter shares dated 19.03.2026
• Promoters involved: Kush Sureshbhai Patel and Kashyap Sureshbhai Patel
• Total promoter shares encumbered: 20,33,898 shares (24.40% of total share capital)
• Shares pledged by each promoter: 10,16,949 shares (12.20% each of total share capital)
• Entity in whose favour shares are pledged: Shree Kamdhenu Financial Services Private Limited (NBFC)
• Reason for encumbrance: Loan security for finance availed
• Amount involved: INR 7 crore loan against shares valued at INR 13.02 crore
• Promoter shareholding: 60,91,800 shares (73.06% of total share capital)
• Encumbered shares as % of promoter holding: 33.40%
• End use of funds: For listed company’s acquisition of shares in a similar business vertical

Order Details

• Order awarded by Bengal Gas Company Limited, a domestic JV of GAIL and GCGSCL.
• Contract involves steel pipeline laying, testing, and commissioning in Kolkata and North/South 24 Parganas.
• Scope includes pipeline laying under Kolkata Gas Phase-IV and associated works.
• Total contract value is Rs. 24.74 crore inclusive of 18% GST.
• Contract execution period is two years.
• Order formalized through a Fax of Acceptance (FOA).

Governance & Related Party

• No promoter or promoter group interest in the awarding entity.
• Contract is not a related party transaction.