Western Carriers Plans to Raise Rs 500 Crore through IPO
Logistics company Western Carriers (India) Ltd is set to raise Rs 500 crore through an IPO starting on September 13. The IPO includes a fresh issue and an Offer For Sale by promoter Rajendra Sethia. Proceeds will be used for debt payment, capital expenses, and general corporate purposes.
- Country:
- India
Logistics giant Western Carriers (India) Ltd is gearing up to raise Rs 500 crore through an initial public offering (IPO) opening for public subscription on September 13. This move highlights the company's ambitious growth plans.
The Kolkata-based company's IPO will conclude on September 18, with a special one-day window for anchor investors on September 12. According to the Red Herring Prospectus (RHP), the offering includes a fresh equity issue worth Rs 400 crore and an Offer For Sale (OFS) of up to 54 lakh equity shares by promoter Rajendra Sethia.
Merchant banking sources confirmed the IPO's total size at Rs 500 crore. Dated back to its draft papers filed in June, the proposed IPO included a fresh equity issue and an OFS component of 93.29 lakh shares. Proceeds from the fresh issue are earmarked for debt repayment, capital expenditure, and general corporate purposes. Western Carriers, known for its asset-light, rail-focused logistics solutions, serves a diverse customer base with impressive revenue figures. JM Financial and Kotak Mahindra Capital Company are the lead managers for this issue, with equity shares set to be listed on BSE and NSE.
(With inputs from agencies.)
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