Patel Integrated Logistics rights issue oversubscribed by 3.19 times raises Rs 9 crore

Patel Integrated Logistics Limited (BSE: 526381 & NSE: PATINGLOG), a leading player in the logistics and supply chain sector, has announced the successful oversubscription of its rights issue on the Bombay Stock Exchange (BSE) and has raised Rs. 9 crores. The issue, which closed on October 1, 2024, has been oversubscribed 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).

Mr. 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.

Shares of Patel Integrated Logistics Limited was last trading in BSE at Rs. 23.15 as compared to the previous close of Rs. 23.67. The total number of shares traded during the day was 66881 in over 265 trades.

The stock hit an intraday high of Rs. 23.94 and intraday low of 22.60. The net turnover during the day was Rs. 1562732.00.

Source : Equity Bulls

Keywords

PatelIntegratedLogistics INE529D01014 FundRaising RightsIssue Oversubscription