Logistics firm Western Carriers files for IPO
New Delhi, June 9 – Western Carriers, a logistics company, has recently submitted preliminary documents to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) aimed at raising approximately 500 crore rupees.
![](https://hindiskyon.com/wp-content/uploads/2023/06/Logistics-firm-Western-Carriers-files-for-IPO.webp)
According to the draft red herring prospectus (DRHP) filed with SEBI, the IPO entails the issuance of fresh equity shares worth up to 500 crore rupees, along with a proposed sale of up to 9.329 million equity shares by promoter Rajendra Sethia.
Additionally, the company is considering allocating up to 100 crore rupees from the IPO proceeds for pre-allotment of shares. In such a scenario, the number of fresh shares offered in the IPO may be reduced.
The company based in Kolkata has proposed to utilize the funds raised through the IPO to repay a debt of 200 crore rupees and meet capital expenditure requirements of 186 crore rupees.
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