IEL Limited rights issue opens on February 4

NEW DELHI: IEL Limited (formerly Indian Extractions Limited) has announced opening of its rights issue from February 4 to February 21. The company is offering 10,01,28,990 equity shares at a price of Rs 4.45 per share aggregating to a total issue size of Rs 44.56 crore. Existing eligible shareholders of the company will be entitled to 3 rights shares for every 1 fully-paid equity share held on the record date.IEL, which has a market capitalization of Rs 22.7 crore as of January 2025, was founded in 1956 and is headquartered in Ahmedabad. It is into chemical trading, commodity export, and marketing support services. Over the years, the company has diversified its business portfolio to include the warehousing and logistics sector. The proceeds from the rights issue will be utilized for acquisition of land for warehouse construction and financing the construction of warehouses among other things. The company recently bought land in a village in Lucknow district marking the initiation of its warehousing and logistics ventures. "Our diversification into warehousing and logistics reflects our commitment to meeting market demands and supporting India’s infrastructure development. The Lucknow project is the first of many milestones in our journey to becoming a key player in this sector," the company’s leadership said.India’s warehousing and logistics sector is expected to grow to $215 billion by 2026, creating vast opportunities for infrastructure development and efficient supply chain management. IEL Limited is poised to leverage this growth and contribute to strengthening country's logistics landscape.