The details of the utilization of the Net Proceeds are set forth herein below:

• Repayment of a portion of certain borrowing availed by the Company and
• General Corprorate Purposes

Incorporated in 2007, Siyaram Recycling Industries Ltd's main activities include segregating brass scrap, manufacturing brass ingots, billets, and brass rods, and producing brass-based components, specifically plumbing and sanitary parts. All these operations occur across three facilities in the district of Jamnagar, a prominent hub for brass components.

The manufacturing of brass billets and ingots, as well as brass rods and plumbing components, is carried out in Unit-I, which occupies a land area of 4970 square meters. Meanwhile, Unit-II, which covers 3629 square meters of land, is used to manufacture sanitary parts made of brass. Finally, Unit-III, situated on a land area of 3346 square meters, is primarily used for segregating scrap. Three hundred forty-six square meters, is primarily used for segregating scrap.

The company markets its products to around 18 states & Union Territories in India, of which the majority of the revenue comes from Gujarat. The products of the company are exported to countries such as China, Germany, Belgium and Oman.

As of FY 2023, Gujarat was responsible for 56.40% of the revenue from operations, while Madhya Pradesh contributed 5.25%, Punjab contributed 2.03%, and Rajasthan contributed 1.41%.