Gujarat Pipavav Port has completed a fund raising worth Rs 3.5bn by selling shares to institutional investors and via a preferential issue to its promoters, mainly to prepay the existing loan.
The share offering began earlier this month at a floor price of Rs 58.45 per share, according to reports.
The QIP comprised 34.1mn shares at a price of Rs 58.45 per share, totaling Rs 1.99bn to institutional investors.
The preferential issue was of 25.8mn shares to the company’s promoter, APM Terminals Mauritius Ltd., at a price of Rs 58.45 per share, totaling Rs 1.5bn.
The promoter’s shareholding in the company has been maintained at 43% post the QIP and the preferential issue.
Those allotted shares included institutions such as Bajaj Life Insurance, SBI Life Insurance, Franklin Templeton, Kotak Mahindra, Vanguard International Explorer Fund, Schroder Asia Pacific Fund PLC and Jardine Fleming.
Kotak Mahindra Capital and IDFC Securities were the bankers for the QIP issue, according to reports.
About 4.55mn shares exchanged hands on the counter today as against a two-week average of 31,000 shares.
Last month, the company approved Rs 10.97bn project expansion plans at Pipavav Port in Gujarat to increase capacity and enhance operational efficiencies.
“We propose to increase capacity for container cargo to ~1.5 million TEUs and the capacity for bulk cargo to 10 million tonnes,” said Prakash Tulsiani, Managing Director.
Gujarat Pipavav Port is the developer and operator of APM Terminals Pipavav located in Gujarat.