Express logistics firm Allcargo Gati Ltd on Tuesday said it has raised Rs 169.28 crore by issuing equity shares through a Qualified Institutional Placement (QIP). The fresh capital has been secured after the fund-raise committee of the company’s board has approved the issue and allotment to successful qualified institutional buyers at the issue price of Rs 101 per equity share at its meeting on June 28, Allcargo Gati Ltd said in a statement.
QIP saw participation from various investors raising a total amount of Rs 169.28 crore, it added.
“The response to our QIP underscores investor confidence in our business strategy and market position. The funds raised will strengthen our financial position and support our growth initiatives across key segments,” said Pirojshaw Sarkari, Managing Director and CEO, Gati Express and Supply Chain Pvt Limited (GESCPL).
The proceeds from the QIP will be invested towards technology, infrastructure and deleveraging the balance sheet, paving way for strong growth of the company, he said, adding that Allcargo Gati is entering a new growth phase with a sharp focus on customer experience through digital innovation.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
