Allcargo Gati Limited raises Rs 169.28 crores through QIP
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Allcargo Gati Limited (Formerly Gati Limited) one of India’s Leading Express Logistics Company, successfully raised Rs. 169.28 crores by way of issue of equity shares through a QIP (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. QIP saw participation from various investors raising a total amount of Rs 169.28 crores.
Commenting on the QIP, Pirojshaw (Phil) Sarkari, MD & CEO, Gati Express and Supply Chain Pvt. Limited (GESCPL) said, "We are pleased with the response to our QIP, which 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. The proceeds from the QIP will be invested towards technology, infrastructure and deleveraging the balance sheet, paving way for strong growth of the company. 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.”
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