Page 134 - CW E-Magazine (28-1-2025)

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RAISING FUNDS

IEL Ltd. announces rights issue to expand into

warehousing and logistics sector

IEL Ltd., an Ahmedabad-based fi rm
engaged in wholesale and retail trading of
chemicals, has announced a rights issue to
raise about Rs. 44-crore. The rights issue,
set to open on February 4, 2025, and to
be closed on February 21, 2025, is part of
the company’s initiative to diversify into
warehousing and logistics.

The company will issue 10,01,28,990
fully paid-up equity shares with a face
value of Re 1 each for cash at a price of
Rs. 4.45 per equity share (including a pre-
mium of Rs. 3.45 per equity share), total- of land in Lucknow and plans to establish to tap into a critical and rapidly growing
ling to Rs. 44.56-crore. The funds raised storage facilities, including warehouses, sector. With the funds raised, we plan to
through the issue will be deployed for cold storage units, silos and smart ware- acquire land for new storage facilities and
acquiring land, constructing storage facili- houses. These will cater to the growing develop infrastructure to meet the growing
ties, and meeting general corporate expenses. demand for storage solutions across sectors demand across India.
A portion will also be allocated to cover the such as retail, food, and pharmaceuticals.
costs associated with the rights issue. Mr. Ajay Gupta, Managing Director of Our focus will be on high-demand
IEL said, ”With the Indian warehousing regions, along with the creation of specia-
As part of its expansion strategy, IEL market expected to grow to $34.99-bn by lised cold storage units and the implemen-
has already acquired 29,800 square meters 2027, IEL’s expansion into this space is set tation of smart warehouse solutions.”

STAKE ACQUISITION
MRPL to increase stake in MSEZ to 27.92%

Mangalore Refi nery and Petro- approved the acquisition of 1,34,80,000 Development Board (23 percent), MRPL
chemicals Ltd. (MRPL) has approved equity shares of MSEZ from IL&FS. The (0.96 percent), and Kanara Chamber of
increasing its stake in Mangalore SEZ acquisition cost mentioned at that time Commerce and Industry (0.04 percent).
Ltd. (MSEZ) from 0.96 percent to 27.92 was Rs. 47.18-crore (1,34,80,000 equity MSEZ is a multiproduct SEZ and its
percent by acquiring equity shares from shares at Rs. 35 a share). main business is leasing of the land to the
IL&FS at a cost of Rs. 65.66-crore. industries and providing utility services
The recent board meeting put the such as water supply, power supply, lease
MRPL informed stock exchanges that revised cost of acquisition at rental, zone maintenance, common effl u-
the meeting of the board of directors of Rs. 65.66-crore (1,34,80,000 equity shares ent treatment plant, marine outfall and
MRPL on January 20, 2025, approved at Rs. 48.708 per share). The nature of pipe line corridor.
acquisition of MSEZ’s 1,34,80,000 equity consideration will be cash consideration.
shares of Rs. 10 each from IL&FS at Indicative time period for completion of Spread over an area of 1,607 acres,
revised price. After this acquisition, equity the acquisition is one year. MSEZ is operational from 2014 with
stake of the company shall increase from around 85 percent area leased out. It
0.96 percent to 27.92 percent in MSEZ, Incorporated as special purpose vehi- has 10 operational units such as MRPL
it said. ONGC is a promoter of MRPL cle on February 24, 2006, MSEZ is a joint (aromatic complex), Syngene, ISPRL,
and MSEZ. In its board meeting held venture of ONGC (26 percent) IL&FS Catsynth Speciality Chemicals and other
on March 22, 2024, the company had (50 percent), Karnataka Industrial Area food processing units.

134 Chemical Weekly January 28, 2025

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