On Friday, September 13, 2024, Western Carriers (India) Limited (“Company”) will open its Bid/Offer in connection with its initial public offering of equity shares.

This was announced at a press conference attended by Kanishka Sethia, Rajendra Sethia, and Dinesh Kumar Mantri.

A new issue of equity shares up to ₹ 4,000 million (the “Fresh Issue”) and an offer for sale by Rajendra Sethia (the “Promoter Selling Shareholder”) totaling up to 5,400,000 equity shares (the “Offer for Sale,” taken along with the New Issue, the “Offer”) are included in the offering.

The Bid/Offer will close on Wednesday, September 18, 2024, following the Anchor Investor Bid/Offer Period on Thursday, September 12, 2024.

The price band of the Offer is ₹ 163 to ₹ 172 per Equity Share (“Price Band”).

At least 87 equity shares are up for bid; after that, bids may be placed in multiples of 87 equity shares (referred to as “bid lot”).

The Company will use net proceeds from the Fresh Issue for the following purposes: i) prepayment or scheduled repayment of a portion of certain outstanding borrowings obtained by the Company (up to ₹ 1,635.00 million); ii) funding the Company’s capital expenditure requirements for the purchase of commercial vehicles, reach stackers, and 40-foot specialized and 20-foot normal shipping containers (up to ₹ 1,517.10 million), with the remaining funds going toward general corporate purposes (“Objects of Offer”).

The Equity Shares are being offered through the red herring prospectus of the Company dated September 7, 2024 (“Red Herring Prospectus” / “RHP”) filed with the Registrar of Companies, West Bengal at Kolkata (“RoC”), Securities and Exchange Board of India (“SEBI”), BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).

It is suggested that the equity shares made available via the Red Herring Prospectus be listed on stock exchanges. The NSE will serve as the Designated Stock Exchange for the Offer.

Kotak Mahindra Capital Company Limited and JM Financial Limited are the book-running lead managers (or “BRLMs”) for the offer.

Priyanka Dutta