Western Carriers Sets Price Band

Kolkata: City-based logistics firm Western Carriers (India) Limited plans to raise Rs 400 crore through issue of fresh equity shares to retire a portion of debt and also to fund capital expenditure plans, a company statement said on Thursday. Promoter Rajendra Sethia will also make an offer of sale (OFS) of his shareholding through the public issue. The price band of the offer, which opens on September 13, has been fixed between Rs 163 to Rs 172 per equity share. The statement said that the firm plans to prepay a portion of outstanding borrowings and also to fund capital expenditure plans of purchasing commercial vehicles and specialised containers. Some portion of the proceeds of the fresh equity shares will also be expended towards general corporate purposes, the statement said. Bids for anchor investor shall be open on September 12 and close on September 18.