Chennai: Kamarajar Port Ltd, the Chennai-based major port wholly owned by Chennai Port Authority, is planning to tap the capital markets through an initial public offering (IPO) of around Rs 1,200 crore, primarily through an offer for sale (OFS).
The proposed IPO comes as Kamarajar Port, one of India’s 12 major ports, looks to deepen its presence in the country’s maritime infrastructure landscape. Established in 1999 as Ennore Port, it was later renamed Kamarajar Port and became a 100% subsidiary of Chennai Port Authority in June 2020, after the Centre transferred its entire 66.67% stake, along with management control, to the port authority. The company has an authorised share capital of Rs 500 crore, comprising 50 crore equity shares of Rs 10 each, while its paid-up share capital stands at Rs 300 crore, comprising 30 crore equity shares. It has consistently paid a 100% dividend on its paid-up equity share capital for the past five financial years since FY22.
The selected firm will advise the company on the proposed public issue, prepare the necessary documentation and undertake other related activities, the company said in a proposal seeking the appointment of a domestic legal counsel for the IPO. Kamarajar Port has invited proposals from reputed domestic law firms with experience in capital-market transactions, including IPOs, OFSs and further public offers (FPOs). You Can Also Check: Gold Rate in Chennai | Silver Rate in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Chennai AQI | Weather in Chennai | Petrol Price in Chennai | Diesel Price in Chennai | CNG Price in Chennai | LPG Price in Chennai