WESTERN CARRIERS (INDIA) LIMITED INITIAL PUBLIC OFFERING TO OPEN ON FRIDAY, SEPTEMBER 13, 2024

Mumbai: Western Carriers (India) Limited (“Company”), shall open its Bid/Offer in relation to its initial public offering of Equity Shares on Friday, September 13, 2024.

The offering includes a fresh issue of Equity Shares aggregating up to ₹ 4,000 million (“Fresh Issue”) and an offer for sale by Rajendra Sethia (“Promoter Selling Shareholder”) aggregating up to 5,400,000 Equity Shares (“Offer for Sale”, together with the Fresh Issue, the “Offer”).

The Anchor Investor Bid/Offer Period shall be on Thursday, September 12, 2024and the Bid/Offer will close on Wednesday, September 18, 2024.

The price band of the Offer is ₹ 163 to ₹ 172 per Equity Share (“Price Band”).

Bids can be made for a minimum of 87 Equity Shares and in multiples of 87 Equity Shares thereafter (“Bid Lot”).

The Company proposes to utilize net proceeds from the Fresh Issue towards i) prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company (up to ₹ 1,635.00 million); ii) funding of capital expenditure requirements of the Company towards purchase of commercial vehicles, 40 feet specialised containers and 20 feet normal shipping containers and reach stackers (up to ₹ 1,517.10 million) and balance towards general corporate purposes (“Objects of Offer”).

The Equity Shares are being offered through the red herring prospectus of the Company dated September 7, 2024 (“Red Herring Prospectus” / “RHP”) filed with the Registrar of Companies, West Bengal at Kolkata (“RoC”), Securities and Exchange Board of India (“SEBI”), BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. For the purposes of the Offer, the Designated Stock Exchange shall be NSE.

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulations”) and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion the “QIB Portion”), provided that our Company may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the remaining QIB Portion (“Net QIB Portion”).

Further, 5% of the Net QIB Portion (excluding Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price.

Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders in accordance with the SEBI ICDR Regulations, of which (a) one-third shall be reserved for Bidders with application size of more than ₹0.20 million and up to ₹1.00 million; and (b) two-third shall be reserved for Bidders with application size of more than ₹1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in the other sub-category of Non-Institutional Bidders.

Further not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Bidders (except Anchor Investors) are mandatorily required to utilize the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders using the UPI Mechanism, as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA Process. For further details, see “Offer Procedure” on page 377 of the RHP.

JM Financial Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the Offer (“BRLMs”).

All capitalized terms used but not defined herein shall have the meaning assigned to them in the RHP.