A city-based logistics company, intends to raise Rs 400 crore by issuing new equity shares. This will cover capital expenses such as the acquisition of specialized containers and commercial vehicles, as well as debt payments. During the public offering, promoter Rajendra Sethia will sell a portion of his shares.
Western Carriers (India) Limited, a logistics company based in the city, stated in a statement released on Thursday that it intends to raise Rs 400 crore by issuing new equity shares.
Through the public issue, promoter Rajendra Sethia would also put up a portion of his ownership for sale (OFS). The price range for each equity share in the sale, which opens on September 13, is Rs 163 to Rs 172.
According to the statement, capital expenditure plans, such as the purchase of commercial vehicles and specialized containers, would be supported and a portion of the funds raised would be utilized to pay off existing debt.
A portion of the revenues will also be used for basic business needs. Starting on September 12 and ending on September 18, bids are accepted from anchor investors.