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

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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).

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.

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.

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