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VMPL
Ahmedabad (Gujarat) [India], January 21: IEL Limited (formerly Indian Extractions Limited) (BSE: 524614, Symbol - INDXTRA) has announced the opening of its rights issue on February 4, 2025, closing on February 21, 2025. The record date for the rights issue was January 17, 2025. The rights issue entails the offer of 10,01,28,990 equity shares at a price of Rs4.45 per share, aggregating to a total issue size of Rs44.56 Crores. Eligible shareholders will be entitled to 3 rights shares for every 1 fully-paid equity share held on the record date (entitlement ratio: 3:1). About IEL Limited Founded in 1956 and headquartered in Ahmedabad, Gujarat, IEL Limited is a prominent player in chemical trading, commodity export, and marketing support services. Over the years, the company has diversified its business portfolio to include the warehousing and logistics sector, signifying a transformative shift in its growth strategy. With a market capitalization of Rs22.7 Crores as of January 2025, IEL Limited has demonstrated resilience in the competitive marketplace. The company recorded a profit of Rs0.13 Crores on a total income of Rs0.22 Crores for the year ending September 2024, reflecting its commitment to overcoming challenges and pursuing growth opportunities. Objects of the Issue The proceeds from the rights issue will be utilized for the following objectives: 1. Acquisition of land for warehouse construction. 2. Financing the construction of warehouses. 3. General corporate purposes. 4. Meeting issue-related expenses. Strategic Diversification IEL Limited has recently acquired approximately 29,598.89 square meters of land in Village Neeva, Sarojini Nagar, District Lucknow, at a cost of Rs11.80 Crores, marking the initiation of its warehousing and logistics ventures. This initiative aligns with the company's broader vision to establish a significant presence in India's growing warehousing and logistics sector. The company's diversification includes the construction of state-of-the-art storage facilities such as warehouses, cold storage units, and godowns, equipped with advanced technology to streamline logistics and distribution. Market Outlook India's warehousing and logistics sector is expected to grow to $215 billion by 2026, creating vast opportunities for infrastructure development and efficient supply chain management. IEL Limited is poised to leverage this growth and contribute to strengthening India's logistics landscape. Leadership's Perspective "Our diversification into warehousing and logistics reflects our commitment to meeting market demands and supporting India's infrastructure development. The Lucknow project is the first of many milestones in our journey to becoming a key player in this sector," stated the company's leadership. About IEL Limited Listed on the BSE, IEL Limited boasts a rich legacy in manufacturing, exporting, and trading chemicals and commodities. As it ventures into the warehousing and logistics sector, IEL is set to redefine its position as a multi-faceted enterprise contributing to India's economic growth. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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