Dec 20, 2010, 05.42 PM IST | Source: Business Line

VRL Logistics files IPO papers with SEBI

Hubli-based VRL Logistics, which is entering the capital markets, has filed its Draft Red Herring Prospectus with the Securities Exchange Board of India (SEBI) on December 13.

VRL Logistics files IPO papers with SEBI

Hubli-based VRL Logistics, which is entering the capital markets, has filed its Draft Red Herring Prospectus with the Securities Exchange Board of India (SEBI) on December 13.

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.

Taken From

The Hindu Business Line

ADS BY GOOGLE

Buy & sell politicians on Power Play
- the political stock exchange

Price Update

Rahul Gandhi

575.58 -0.65 -0.11%

6909

Bought today

22706

Sold today

0.05%

User holding

video of the day

Chandra says satisfied with TCS' FY14, FY15 to be better

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.