Gujarat Pipavav Port today said it has raised Rs 350 crore through a mix of qualified institutional placement (QIP) and preferential issue of shares.
The infusion will be used for repayment of the existing loans which will enable it to tie up funds for its Rs 1,097- crore expansion, the company said in a statement.
The company raised Rs 199.48 crore through QIP of 3.41 crore shares to a clutch of investors such as Bajaj Life Insurance, SBI Life Insurance, Franklin Templeton, Kotak Mahindra, Vanguard International Explorer Fund, Schroder Asia Pacific Fund, Jardine Fleming, the statement said.
Another 2.58 crore shares were issued to promoter APM Terminals to raise Rs 152.52 crore, it added.
Both the QIP and the preferential issues were done at Rs 58.45 per share.
Promoter APM Terminals' shareholding in the company will continue to be maintained at 43.01 percent after the capital raising, it said.
The company is undertaking a capital expenditure of Rs 1,097 crore to increase capacity at the port and enhance operational efficiencies.
"We propose to increase capacity for container cargo to around 1.5 million TEUs and for bulk cargo to around 10 million tonne," company's Managing Director Prakash Tulsiani said.
The plans include constructing a new container berth of 348 metres to provide contiguous berth of 735 metres which will help it handle two post-Panamax vessels simultaneously, dredging, three new cranes, increasing yard capacity, it said.
On the bulk cargo side, it will be constructing a new container berth which will enable the port to dedicate the existing multi-purpose berth exclusively for bulk cargo services and extending the berth by 110 metres, the statement added.
Shares of Gujarat Pipavav Port today ended at Rs 55.85, up 0.45% from the previous close.
