Shares of Aegis Logistics surged around 8 percent on September 2 due to heavy volumes. A total of 9 lakh shares of the company changed hands on BSE and NSE combined so far in the day, compared to one-month average trading volume of 5 lakh shares.
Recently, Aegis Vopak Terminals Limited (AVTL), a subsidiary of the company, issued 95.37 crore fully paid-up equity shares as a bonus. These shares are valued at Rs 953.7 crore in total. The Board of Directors of AVTL approved the allocation of these bonus shares through a resolution passed on August 28, 2024.
Aegis Vopak Terminals operates network of terminals located in five strategic ports in the country. It is one of the largest independent tank storage companies for LPG and chemicals with a capacity of nearly 9.6 lakh cubic metres.
Last month, it was reported that AVTL is looking to file its draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).
Follow our market blog to catch all the live action
The subsidiary of Aegis Logistics is looking to raise nearly Rs 4,500 crore through a fresh issue, reported CNBC-TV18 citing sources. Since the company's IPO will be a fresh issue entirely, the entire proceeds of Rs 4,500 crore will come into the company and is expected to be used for expansion purposes.
The IPO is expected to value Aegis Vopak Terminals at around Rs 35,000 to Rs 37,500 crore. The IPO DRHP is expected to be filed by September 2024 and the issue is expected to be launched towards the end of the current calendar year, the report said.
At 2:20 pm, Aegis Logistics shares were trading 6 percent higher at Rs 798.85 on the National Stock Exchange (NSE). The stock has gained around 4 percent so far this year, underperforming Nifty's returns of 16 percent.
In the past 1 month, the counter has risen nearly 10 percent. In comparison, Nifty rose 2.2 percent during this period.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
