IEL Limited to Launch Rs 450 million Rights Issue for Warehousing Expansion

15 Jan 2025 CW Team

IEL Limited has announced a Rs 445.6 million rights issue to support its strategic foray into the warehousing and logistics sector. The issue, opening on February 4 and closing on February 21, 2025, offers 10.01 crore equity shares at Rs 4.45 per share, including a Rs 3.45 premium.

The funds will facilitate land acquisition, construction of modern storage facilities, and general corporate expenses. IEL has acquired 29,800 sq m in Lucknow for state-of-the-art storage solutions, including warehouses, cold storage units, silos, and smart warehouses.

“With the Indian warehousing market projected to reach $34.99 billion by 2027, IEL’s entry is timely,” said Ajay Gupta, Managing Director, IEL Limited. "This rights issue will drive our expansion into high-demand regions and support infrastructure development to cater to retail, food, and pharma sectors."

In FY24, IEL's net sales rose 56.16 per cent to Rs 17.26 crore, though net profit fell to Rs 0.26 crore from Rs 2.37 crore in FY23. The company's stock underwent a split in September 2023, reducing share face value from Rs 10 to Rs 1.

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