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VMPL
Ahmedabad (Gujarat) [India], February 5: IEL Limited (formerly Indian Extractions Limited) (BSE: 524614, Symbol - INDXTRA) has successfully opened its rights issue on February 4, 2025, receiving a very good response from investors. The issue will close on February 21, 2025, with the record date set as January 17, 2025. Non-existing shareholders can participate by acquiring Rights Renunciations (REs), which will be available from February 4, 2025, to February 17, 2025. The rights issue comprises 10,01,28,990 equity shares at Rs4.45 per share, aggregating to Rs44.56 Crores. Eligible shareholders are entitled to three rights shares for every one fully-paid equity share held as of the record date (3:1 ratio). Additionally, non-existing shareholders can participate by purchasing the Rights Entitlements (REs), which will be available for trading from February 17, 2025. About IEL Limited Established in 1956 and headquartered in Ahmedabad, Gujarat, IEL Limited is a leading player in chemical trading, commodity exports, and marketing support services. Over the years, the company has strategically expanded into warehousing and logistics, reinforcing its commitment to growth and diversification. As of January 2025, IEL Limited holds a market capitalization of Rs22.7 Crores. For the financial year ending September 2024, the company reported a profit of Rs0.13 Crores on a total income of Rs0.22 Crores, showcasing resilience and adaptability in a competitive market. Utilization of Funds The proceeds from the rights issue will be allocated to: 1. Acquisition of land for warehouse development. 2. Construction of warehouses to expand operations. 3. General corporate purposes. 4. Covering issue-related expenses. Strategic Expansion in Warehousing & Logistics IEL Limited recently acquired 29,598.89 square meters of land in Village Neeva, Sarojini Nagar, District Lucknow, at a cost of Rs11.80 Crores, marking the company's entry into warehousing and logistics. This initiative aligns with IEL's broader vision of becoming a significant player in India's growing infrastructure and logistics sector. The company is also exploring additional land acquisitions in strategic locations to further expand its warehousing footprint. Leadership's Vision Commenting on the expansion, the company's leadership stated: "Our foray into warehousing and logistics underscores our commitment to supporting India's infrastructure growth and meeting market demands. The Lucknow project is the first of many milestones, positioning IEL Limited as a key player in this evolving sector." About IEL Limited Listed on BSE, IEL Limited has a rich legacy in chemical manufacturing, exports, and trading. As it pivots towards warehousing and logistics, the company aims to redefine itself as a multi-faceted enterprise contributing to India's economic development. For media inquiries, please contact:Corporate Communications TeamIEL Limited Email: info@ielimited.com (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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