The IPO opens for bidding on 24 August 2015 and closes on 26 August 2015.
Navkar Corporation is coming up with an initial public offer (IPO) aggregating up to Rs 600 crore consisting of a fresh issue of upto Rs 510 crore & an offer for sale by selling shareholder namely Sidhhartha Corporation, a member of the promoter group of upto Rs 90 crore.
The IPO opens for bidding on Monday, 24 August 2015 and closes on Wednesday, 26 August 2015. The company has fixed price band for the IPO at Rs 147 to Rs 155 per share.
The company intends to invest Rs 314.56 crore from the net proceeds of the offer to develop a logistics park at Valsad, Gujarat, which will have an initial planned capacity of about 474000 TEUs per annum (p.a.) to be commissioned by September 2016. The company also intends to provide many value added services apart from warehousing facilities in the logistic park. About Rs 114.53 crore will be used to install a rubber tyred gantry crane at the existing Somathane container freight stations (CFSs), which will increase the overall capacity of the company by 81% from 310000 TEUs p.a to 5620000 TEUs p.a by September 2016. The company intends to spend about Rs 54.25 crore for development of the non-notified areas of the CFSs which will also be developed by September 2016.
Navkar Corporation's consolidated net profit fell 18.73% to Rs 73.14 crore on 5.89% decline in total sales to Rs 328.76 crore in the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014).
Promoted by Shantilal J Mehta in 2008, Navkar Corporation (NCL) is a CFSs operator in India with three CFSs, Ajivali CFS-I and Ajivali CFS-II at Ajivali and Somathane CFS at Somathane at Panvel, Maharashtra. The company operates in close proximity to the Jawaharlal Nehru Port (JNP), the largest container port in India.
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NCL offer services such as cargo storage facilities packing, labeling and bar-coding, palletizing, fumigation, repair and maintenance of containers, storage of empty containers and other related activities at their warehouses and also customize their offerings for the customers.
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