Allcargo to hit capital markets

Chennai, May 25 (UNI) Mumbai-based Allcargo Global Logistics Limited, a logistics service provider involved in Multimodal Transport Operations (MTO) today announced its entry into capital market to raise funds for setting up Cargo Freight Stations (CFS).

Addressing a press conference here, Allcargo Chairman and Managing Director Shashi Kiran Shetty said net proceeds of the issue will be utilised for setting CFS at Chennai, Mundra and National Capital Region (NCR) and prepayment of loan availed from Yes Bank besides general corporate expenses, including acquisitions.

He said the CFS near Chennai Port, the second largest in terms of container traffic in the country, was intended to cater to the container traffic in the Southern region.

It would be set up in two phases. Similarly a CFS would be set up at Mundra in Maharashtra and NCR, where the location was yet to be identified, he added.

The company would enter the capital market on June one with a public issue of 20,79,000 equity shares of Rs 10 each through book building process.

The price band has been fixed at Rs 625 to Rs 725. The issue would close on June six, he said.

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