Express logistics company, Allcargo Gati (formerly Gati) has raised Rs 169.28 crore by way of issue of equity shares through a qualified institutional placement in accordance with the SEBI ICDR Regulations.
In respect of the issue, the Fund Raise Committee of the Board of Directors of the company at its meeting held on June 28, 2024, has approved the issue and allotment to successful qualified institutional buyers at the issue price of Rs 101 per equity share, the company said in a statement.
The QIP saw participation from various investors raising a total amount of Rs 169.28 crore.
“The funds raised will strengthen our financial position and support our growth initiatives across key segments. The proceeds from the QIP will be invested towards technology, infrastructure and deleveraging the balance sheet, paving way for strong growth of the company,” Pirojshaw (Phil) Sarkari, MD & CEO, Gati Express and Supply Chain (GESCPL) said.
He further said that Allcargo Gati is entering a new growth phase with a sharp focus on superior customer experience through digital innovation.
“As part of the Allcargo Group, we are steadfast in our commitment to delivering value to our stakeholders and fostering sustainable growth within the logistics sector. Leveraging the Group’s established legacy and leadership, we are well-positioned to achieve sustained long-term growth,” Sarkari added.
Allcargo Gati has a strong presence across Asia, including a nationwide network that covers 99 per cent of the country’s districts. The company’s integrated and IT-backed multi-modal network allows it to offer end-to-end supply chain solutions specific to varied business requirements.
