NECC Board Approves Raising Funds Via Equity Issuance

The Board of North Eastern Carrying Corporation (NECC) at its meeting held on 04 April 2024 has approved the allotment of 6,70,000 equity shares and 3955062 share warrants convertible into equity shares on the preferential basis of the face value of Rs 10 each for Rs 32.05 which includes a premium of Rs. 22.05 per equity share to promoters and other non-promoter group person (hereinafter referred to as Allottees) for cash consideration by way of preferential issue on a private placement basis.

North Eastern Carrying Corporation with a market cap of around Rs 253 crore is a logistics service provider whose shares have a 52-week high of Rs 37.40 while a 52-week low of Rs 15.93.

In December 2023, NECC received a letter of acceptance (LoA) from GAIL (India) Ltd, a top central public sector undertaking under the Ministry of Petroleum and Natural Gas, for transportation of polymer, said the company's exchange with the bourses.

Earlier, NECC entered into a memorandum of understanding (MoU) with SG Logistic Management Pvt Ltd to invest up to Rs 20 crore in the same and acquire up to 20 per cent of shares/ other securities therein. SG Logistic Management is a part of SG Group, which is in the logistics industry.

NECC offers a wide range of transport services in India, Nepal and Bhutan. Its services include booking small parcels, full truck load consignments, project consignments to over dimensional consignments (ODC). NECC also provides containerized movement of cargo, warehousing, packing and moving and storage facilities.