AVTL in India undertakes primary equity issue
October 29 2024 - 4:20AM
UK Regulatory
AVTL in India undertakes primary equity issue
AVTL in India undertakes primary equity issue
29 October 2024, Rotterdam, the Netherlands
Today, we announce an update regarding funding in the joint venture
AVTL in follow up of our press release dated 9 July 2024.
AVTL has reached an agreement for a primary equity issue to
investors for an amount of INR 8.0 billion equivalent to EUR 88
million. The proceeds of the Issue are proposed to be utilised for
repayment of all, or a portion, of the outstanding unsecured
borrowings of AVTL and for the purpose of execution of various
projects including growth projects and/or other corporate purposes
relating to AVTL’s principal business activities. The
transaction represents a shareholding of 3.4% in AVTL. As a result
of this transaction, Vopak’s shareholding in AVTL will be diluted
from 49% to 47.3%. The expected exceptional gain for Vopak on the
transaction will be reported once all conditions are
fulfilled.
The lead investor in this transaction is 360 ONE, one of India’s
leading wealth and asset management firms.
AVTL continues to explore options to fund growth through
potential fund raise by way of public issue, preferential issue or
combination thereof of the equity shares and debt as may be decided
by AVTL’s board in absolute discretion and permitted under
applicable laws and regulations which shall be subject to receipt
of requisite approvals, market conditions and other
considerations.
AVTL, a joint venture of Vopak and Aegis, is the largest Indian
third-party owner and operator of tank storage terminals for
liquified petroleum gas and liquid products in terms of storage
capacity, as of June 30, 2024 (Source: CRISIL Report). AVTL
owns and operates a network of tank storage terminals having an
aggregate storage capacity of approximately 1.50 million cubic
meters for liquid products and 70,800 metric tons of static
capacity for LPG as of June 30, 2024.
About Royal Vopak
Royal Vopak helps the world flow forward. At ports around the
world, we provide storage and infrastructure solutions for vital
products that enrich everyday life. These products include liquids
and gases that provide energy for homes and businesses, chemicals
for manufacturing products, and edible oils for cooking. For all of
these, our worldwide network of terminals supports the global flow
of supply and demand. For more than 400 years, Vopak has been at
the forefront of fundamental transformations. With a focus on
safety, reliability, and efficiency, we create new connections and
opportunities that drive progress. Now more than ever, our talented
people are applying this mindset to support the energy transition.
Together with our partners and customers, we are accelerating the
development of infrastructure solutions for hydrogen, ammonia, CO₂,
long-duration energy storage, and low-carbon fuels & feedstocks
– paving the way to a more sustainable future. Vopak is listed on
the Euronext Amsterdam and is headquartered in Rotterdam, the
Netherlands. For more information, please visit
www.vopak.com
Disclaimer: Aegis Vopak Terminals Limited is proposing, subject to
receipt of requisite approvals, market conditions and other
considerations, an initial public offering of its equity shares in
the near future and is in the process of filing a draft red herring
prospectus with the Securities and Exchange Board of India.
For more information please contact:
Press Information
Vopak Press: Liesbeth Lans - Manager External Communication -
global.communication@vopak.com
Vopak Analysts and Investors: Fatjona Topciu - Head of Investor
Relations- investor.relations@vopak.com
- Press Release AVTL in India undertakes primary equity
issue
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