Comments
Avana Logistek has filed draft papers with the Securities and Exchange Board of India to launch its initial public offer (IPO).
The share sale consists of fresh issue of up to Rs 300 crore and offer for sale of up to 43,00,000 shares by the selling shareholder, as per the draft red herring prospectus (DRHP) filed with SEBI.
The Mumbai-based logistics company plans to utilise the net proceeds towards funding capital expenditure for setting up of new dry warehouses and cold storages and repayment/prepayment of certain borrowings.
Besides, the IPO proceeds will be used for acquisition of containers for coastal and liner services, software development, implementation and maintenance and general corporate purposes.
ICICI Securities and Axis Capital are the lead managers to the issue. Shares of the company are proposed to be listed on the BSE and NSE.
The company has operations across India and various international markets. It is a part of Transworld group, a diversified logistics and shipping conglomerate, headquartered in Dubai, UAE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.