Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Glottis, a logistics service provider, has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial public offering (IPO). The Chennai-based company's IPO will consist of a fresh issue of equity shares worth Rs 200 crore and an offer for sale (OFS) of up to 1.45 crore equity shares by promoters, as stated in the Draft Red Herring Prospectus (DRHP).
Under the OFS, promoters Ramkumar Senthilvel and Kuttappan Manikandan will each sell 72.85 lakh equity shares. Both promoters currently hold a 49.49% stake in the company.
The proceeds from the fresh issue will be allocated as follows: Rs 53 crore for the purchase of commercial vehicles, Rs 38 crore for debt repayment, and the remaining funds for general corporate purposes.
As of March 2024, the company had total borrowings of Rs 9.3 crore, according to the draft papers filed on Monday.
Glottis is a leading multi-modal, integrated logistics service provider with a specialized focus on energy supply chain solutions.
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