New Delhi, Sep 29 (PTI) Logistics firm CJ Darcl Logistics Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO).

The maiden public issue comprises a fresh issue of equity shares worth Rs 340 crore and an Offer For Sale (OFS) of 54.31 lakh shares by promoters, according to the Draft Red Herring Prospectus (DRHP).

Also Read | FSSAI Asks Food Vendors, Consumers To Stop Using Newspapers for Packing, Storing and Serving Food.

At present, promoters and promoter group entities hold a 97.19 per cent stake in the company.

Also, the company plans to raise Rs 68 crore in a pre-IPO round. If such placement is undertaken, the fresh issue size will be reduced.

Also Read | Punjab Farmers Begin Three-Day ‘Rail Roko’ Protest Demanding Financial Package for Flood-Caused Losses and Debt Waiver (Watch Video).

Going by the draft papers filed on Wednesday, proceeds of the fresh issue will be utilised for funding capital expenditure requirements of the company towards the purchase of EVs payment of debt. Besides, a portion will also be used for general corporate purposes.

CJ Darcl Logistics is a diversified logistics company in the country with a pan-India presence. In 2017, South Korea-headquartered CJ Logistics acquired a 50 per cent stake in Darcl Logistics Ltd.

Some of the company's customers include TATA Steel, Reliance Industries, ArcelorMittal Nippon Steel India, Jindal Stainless, POSCO India Steel Distribution Center Pvt Ltd, and Saint Gobain India.

ICICI Securities, Axis Capital, and Mirae Asset Capital Markets (India) Pvt Ltd have been appointed as merchant bankers to manage the issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)