Jet Freight Logistics Limited One of the leading and trusted technology-driven freight forwarding company with a specialisation for perishable cargo is planning to launch its rights issue of Rs. 37.70 crore. Company is planning to utilise the funds for the company's expansion plans including purchase of warehouse, meeting working capital requirements, entering new geographies and for general corporate purpose. Company has fixed January 11 as the record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement. Rights issue of the company priced at Rs. 16.25 per share.
Rights issue of the company will open on January 20 and closes on January 31. Last date for market Renunciation of Rights Entitlements is January 25, 2023. The Company will issue 2,32,01,892 fully paid-up equity shares of face value Rs. 5 each at an issue price of Rs. 16.25 per Equity Share (including a premium of Rs. 11.25 per Equity Share) aggregating to Rs. 37.70 crore. The Rights entitlement ratio for the proposed issue is fixed at 1:1 (1 fully paid-up equity share for every 1 fully paid-up equity share held by the equity shareholders).Board of the directors of the company on December14, 2022 approved the issuance of equity shares by way of a rights issue to eligible equity shareholders. Post the rights issue, total outstanding shares of the company should increase to 4,64,03,784 equity shares from 2,32,01,892 equity shares prior to the rights issue.
Sharing more details, Mr. Richard Theknath, Chairman and Managing Director, Jet Freight said, "Company has taken many important strategic initiatives including - “Mission Excel” in the recent past with a focus to expand capacities, adding more channel partners aiming at exponential growth. Our business initiatives are built upon the 4 P’s of business expansion that comprises Product expansion, People & culture, Process automation, and Promotion of business. Our long-term focus continues to be investing in growth through building new capacities, expanding footprints and delivering value for all our stakeholders. Proceeds of the issue will further strengthen the company's balance sheet and help fund its expansion plans and strategic growth initiatives."
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