Kamarajar Port Ltd (KPL), India’s first corporate major port in North Chennai and a wholly-owned subsidiary of the Chennai Port Authority, has taken one more step towards tapping the capital markets.

The IPO is structured as an Offer for Sale (OFS) with an estimated issue size of Rs 1,200 crore and KPL has released a Request for Proposal (RFP) to engage a Domestic Legal Counsel (DLC) to advise on it. The final structure remains subject to board and shareholder approval, says the RFP document issued on Tuesday.

Legal counsel
The selected legal counsel will manage end-to-end legal and secretarial due diligence, draft key offer documents - including the Draft Red Herring Prospectus (DRHP) and Prospectus - advise on publicity restrictions, handle regulatory filings with SEBI and stock exchanges, and draft transaction-related agreements.

Established in 1999, Kamarajar Port Ltd is one of India’s 12 major ports and the first corporate major port in the country, functioning under the administrative control of the Ministry of Ports, Shipping and Waterways, Indian government.

On June 27, 2020, the Indian government’s entire shareholding (66.67 per cent) in KPL along with its management control was transferred to Chennai Port Authority (erstwhile Chennai Port Trust). After the transfer, Kamarajar Port Ltd came under 100 per cent ownership of Chennai Port Authority.

Source: The Hindu Business Line

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