Chennai-based logistics firm Glottis files IPO papers with Sebi

2 hours ago 1

Logistics work supplier Glottis has filed preliminary papers with superior markets regulator Sebi to rise funds done an archetypal nationalist offering.

The Chennai-based company's IPO is simply a operation of a caller contented of equity shares worthy Rs 200 crore and an connection for merchantability (OFS) of up to 1.45 crore equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP).

Under the OFS, promoters Ramkumar Senthilvel and Kuttappan Manikandan volition offload 72.85 lakh equity shares each. Both clasp 49.49 per cent involvement each successful the institution astatine present.

Proceeds from the caller contented to the tune of Rs 53 crore volition beryllium utilized for acquisition of commercialized vehicles, Rs 38 crore for indebtedness outgo and the remaining funds for wide firm purposes.

The institution had a full borrowing of Rs 9.3 crore arsenic of March 2024, the draught papers filed connected Monday showed.

Glottis is simply a starring multi-modal, integrated logistics work supplier with a specialised absorption connected vigor proviso concatenation solutions.

Pantomath Capital Advisors Pvt Ltd is the sole book-running pb manager to the issue.

*** Disclaimer: This Article is auto-aggregated by a Rss Api Program and has not been created or edited by Nandigram Times

(Note: This is an unedited and auto-generated story from Syndicated News Rss Api. News.nandigramtimes.com Staff may not have modified or edited the content body.

Please visit the Source Website that deserves the credit and responsibility for creating this content.)

Watch Live | Source Article