Allcargo Gati Ltd., an express logistics company, announced on Tuesday that it has raised Rs 169.28 crore through the issuance of equity shares via a Qualified Institutional Placement (QIP).
Allcargo Gati Ltd said in a statement that the new capital has been obtained following the fund-raise committee of the company's board's approval of the issue and allocation to successful qualified institutional purchasers at the issue price of Rs 101 per equity share at its meeting on June 28.
It further stated that several investors participated in QIP, contributing a total of Rs 169.28 crore.
Investor trust in our business plan and market position is demonstrated by the response to our QIP. The money collected will help us develop in important markets and bolster our financial position," said Pirojshaw Sarkari, CEO and Managing Director at Gati Express and Supply Chain Pvt Limited (GESCPL).
The firm will see robust growth as a result of the Qualified Institutional Placement's proceeds being allocated to technology, infrastructure, and balance sheet deleveraging, he added. Allcargo Gati is embarking on a new growth phase that will prioritize customer experience through digital innovation.
