Mumbai: Kolkata based multi-modal logistics company Western Carriers India announced Rs 493 crore initial public offering in the price band of Rs 163 to Rs 172 per equity share of Rs 5 face value. The IPO opens on Sept.13 and closes on Sept. 18, 2024. The public issue of 50 year old Western Carriers is a mix of fresh issue of Rs 400 crore and an offer for sale of Rs 92.88 crore by the promoter selling shareholders. The net proceeds raised from the fresh issue will be used to repay debt (Rs 163.5 crore) and funding capital expenditure(Rs 151.7 crore) in purchasing commercial vehicles, specialised containers, reach stackers and for general corporate purposes, the offer document mentions. Western Carriers services are spread across 23 states and 16 warehouses. It counts on Tata Steel, Hindalco, JSW, Hindustan Unilever, Vedanta, Sleepwell, Cipla among its clients.
