VRL Logistics files IPO papers with SEBI

The company is planning initial public offering (IPO) sometime during February-March. The company plans to issue 2.35 crore shares which constitutes 25% of the fully diluted post-issue paid-up share capital.

According to the company official, “At present, we have not decided on pricing of the share or as to how much to raise from the public. We have just filed DRHP with SEBI only yesterday and are waiting for the clearance.”

SBI Capital markets are the merchant bankers, and the company plans to get listed on National Stock Exchange and Bombay Stock Exchange.

According to Mr Vijay Sankeshwar, VRL's Chairman, the company plans to utilise the IPO proceeds to fund new vehicle acquisitions and to retire debt.

Recently, VRL Logistics ordered for 100 buses from Volvo for approximately Rs 100 crore.

It is to be delivered over the next 6-8 months. On Monday, the company also placed order with Ashok Leyland to buy 600 vehicles worth Rs 125 crore.

Of the 600 vehicles, 500 units are 3,123 multi-axle vehicle (MAV) in the 8x2 configuration and 100 units of Ashok Leyland's 12-metre buses.

VRL Logistics has a total fleet strength of 2,691 vehicles and has 12,000 employees and operations spread across 911 branches covering 2,629 locations in the country.

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