Aegis Logistics shares fall 3% despite Rs 6,000 crore fundraise plan

Aegis Logistics Ltd shares fell nearly 3% on Monday despite the company announcing a plan to raise up to Rs 6,000 crore through various securities, including equity shares and debt instruments. The company's board also approved an increase in its borrowing limits to Rs 6,000 crore, subject to shareholder approval.

The board approved the fundraise in one or more tranches, in rupee or foreign currencies. The proposed securities could include equity shares, bonds, foreign currency convertible bonds (FCCBs), American Depository Receipts (ADRs), Global Depository Receipts (GDRs), debentures, non-convertible debt instruments, warrants, convertible debentures and other equity-based instruments.

Aegis Logistics shares fell 2.71% on Monday, touching a low of Rs 1,330, compared with the previous close of Rs 1,367.10.

The proposed fundraising may be carried out through one or more public issues, preferential issues, private placements, qualified institutional placements (QIPs), or a combination of these methods. The company said the fundraising will be subject to necessary regulatory and statutory approvals, including shareholder approval through a special resolution.

Alongside the fundraise, Aegis Logistics' board approved an increase in the company's borrowing limits under Section 180(1)(c) of the Companies Act, 2013, to an aggregate amount of up to Rs 6,000 crore. The board also authorised the company to create a charge or mortgage over its assets or properties within the overall borrowing limit.

The company said the securities could be offered to eligible investors, including qualified institutional buyers, through domestic or international offerings. The exact type and terms of the securities will be decided by the board or the Fund Raising Committee, subject to the required approvals.

Aegis Logistics said the notice of the Extraordinary General Meeting relating to the increase in borrowing limits, creation of charge or mortgage on assets and proposed fundraising will be submitted to the stock exchanges once it is sent to shareholders.