Logistics firm Western Carriers (India) Ltd. has announced to open its initial public offering (IPO) of equity shares on September 13, in the price band of ₹ 163 to ₹ 172 per share. The IPO will close on September 18. The offering includes a fresh issue of equity shares aggregating up to ₹400 crore and an offer for sale worth ₹93 crore by promoter Rajendra Sethia. Bids can be made for a minimum of 87 equity shares and in multiples of 87 shares thereafter.
The company proposes to utilise net proceeds from the fresh issue towards prepayment or scheduled re-payment of a portion of certain outstanding borrowings up to ₹ 163.5 crore, funding of capital expenditure requirements of towards purchase of commercial vehicles, 40 feet specialised containers and 20 feet normal shipping containers and reach stackers amounting up to ₹ 151.7 crore, and the balance towards general corporate purposes.
Published - September 10, 2024 08:52 pm IST
