Western Carriers Plans Rs 400 Crore Equity Raise for Debt and Expansion
City-based logistics firm Western Carriers (India) Limited plans to raise Rs 400 crore through the issuance of fresh equity shares. This will support debt repayment and capital expenditures, including the purchase of commercial vehicles and specialized containers. Promoter Rajendra Sethia will offer some shares for sale during the public issue.
- Country:
- India
City-based logistics firm Western Carriers (India) Limited announced plans to raise Rs 400 crore through the issuance of fresh equity shares, as outlined in a company statement released on Thursday.
Promoter Rajendra Sethia will also offer a portion of his shareholding for sale (OFS) through the public issue.
The price band for the offer, opening on September 13, is set between Rs 163 and Rs 172 per equity share.
The statement detailed that the raised funds would be used to prepay a portion of outstanding debt and support capital expenditure plans, which include purchasing commercial vehicles and specialized containers.
Additionally, part of the proceeds will be allocated for general corporate purposes. The bidding for anchor investors opens on September 12 and closes on September 18.
(With inputs from agencies.)
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