Patel Integrated Logistics rights issue subscribed 3x; raises Rs 9 cr
The rights issue, which opened on September 19, 2024, was priced at ₹18 per share (including a premium of ₹8 over the face value of ₹10).
Patel Integrated Logistics has announced the 3x subscription of its rights issue on the BSE and has raised Rs 9 crores. The issue, which closed on October 1, 2024, has been subscribed by 3.19 times, receiving bids for 1,59,67,190 shares against the 50,00,000 shares offered.
The rights issue, which opened on September 19, 2024, was priced at ₹18 per share (including a premium of ₹8 over the face value of ₹10).
Mahesh Fogla, Executive Director of Patel Integrated Logistics Limited, said, "The oversubscription showcases the trust and confidence our existing shareholders and select public at large have in us. This funding will enable us to almost eliminate our term loan debt and cut our annual interest expenses in and around Rs. 1 crore, which will directly enhance our profitability.”
The proceeds from the rights issue will be utilized to repay term loans, strengthening the company’s financial position and supporting future expansion efforts.
The company hopes to achieve double-digit growth in FY25 thereby enhancing long-term value for shareholders.
