Gujarat Pipavav to raise Rs 350 crore via QIP

Gujarat Pipavav Port has received its board’s approval to raise Rs 350 crore in the combination of Preferential Allotment to Promoters and Qualified Institutional Placement (QIP). The company’s board gave approval for the same at its meeting held on May 03, 2012.

The company’s net profit was at Rs 14 crore versus Rs 6 crore Year-On-Year (YoY). While, its net sales stood at Rs 92.6 crore versus Rs 75.6 crore Y-o-Y.

Gujarat Pipavav Port is the developer and operator of APM Terminals Pipavav, which has multi-cargo and multi-user operations. Promoter APM Terminals Mauritius currently holds 57.9% stake in the company, pre issue. Among institutions, IDBI Trusteeship Services and IDBI Bank are the major shareholders with 10.2% and 8.9% stake.