4 days ago
Aegis Logistics Shares Fall Despite ₹6,000 Crore Fundraise Plan
Aegis Logistics wants to raise as much as ₹6,000 crore.
It may do this by selling different kinds of securities to investors.
The company may also increase the amount it is allowed to borrow to ₹6,000 crore.
Its board approved these proposals.
The company could use several types of offerings in India or internationally.
The exact securities and terms have not yet been decided.
Shareholders and regulators must approve the plans.
Despite the announcement, the company’s shares fell nearly 3% on Monday.
Aegis Logistics shares fell 2.71% on Monday to ₹1,330 from a previous close of ₹1,367.10.
The company plans to raise up to ₹6,000 crore through one or more permitted securities offerings.
Potential fundraising routes include public issues, preferential issues, private placements and qualified institutional placements.
The board approved increasing borrowing limits under Section 180(1)(c) of the Companies Act, 2013, to ₹6,000 crore.
The proposals require regulatory, statutory and shareholder approvals, including approval through a special resolution.
- Who
- Aegis Logistics and its shareholders, board and potential investors.
- What
- The company proposed fundraising of up to ₹6,000 crore and approved an increase in borrowing limits to the same amount.
- Where
- The shares traded in the market, while the proposed offerings could be domestic or international.
- When
- The shares fell on Monday; the board approvals were announced in connection with the proposed fundraising.
- Why
- Aegis Logistics is seeking approval to raise funds and expand its borrowing capacity; the articles do not specify the intended use of the funds.
Key facts
- Share price decline
- 2.71% on Monday
- Intraday low
- ₹1,330
- Previous close
- ₹1,367.10
- Proposed fundraise
- Up to ₹6,000 crore
- Borrowing limit
- Up to ₹6,000 crore in aggregate
- Possible fundraising methods
- Public issues, preferential issues, private placements and qualified institutional placements
- Required approval
- Regulatory and statutory approvals, including shareholder approval through a special resolution
Sources
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