Western Carriers raises ₹148 cr from anchor investors
Times of India | 13 September 2024
Kolkata: Logistics company Western Carriers raised Rs 148 crore from 15 anchor investors on Thursday. Some of the marquee names include Citigroup Global, Societe Generale, Nippon India MF and Aditya Birla Sunlife. The company is looking to tap the capital market with Rs 400 crore fresh issue while the total IPO could be of Rs 500 crore.
The promoters of Western Carriers are offering up to 54 lakh equity shares through the IPO, after which they would be left with 25%-26% stakes in the company.The IPO is set to conclude on Sept 18. Company director Kanishka Sethia said Western Carriers has proposed to utilise the net proceeds from the fresh issue towards prepayment or scheduled re-payment of a portion of outstanding borrowings of Rs 163.5 crore, funding of capital expenditure requirements of Rs 151.7 crore towards purchase of containers and the balance towards general corporate purposes.
The Kolkata-based Western Carriers has over 50 branch offices and four zonal offices across 23 states. The company’s 16 warehouses are located across 12 states and it operates at over 55 major public rake handling points.
As of fiscal 2024, the company’s revenue from operations was Rs 1,685 crore. tnn