Allcargo Gati Limited through QIP raises Rs 1.69 billion

04 Jul 2024 CW Team

Allcargo Gati Limited, one of India's leading express logistics companies, has successfully raised Rs 1.69 billion by issuing equity shares through a Qualified Institutional Placement (QIP), in compliance with SEBI ICDR Regulations. Pirojshaw (Phil) Sarkari, MD & CEO, Gati Express and Supply Chain Pvt. Limited (GESCPL), expressed satisfaction with the response to the QIP, highlighting it as a testament to investor confidence in the company's strategy and market position.

The funds raised will be utilised to boost the company's financial standing and support growth initiatives across key segments, including investments in technology, infrastructure, and deleveraging the balance sheet. Sarkari emphasised that Allcargo Gati is entering a new growth phase with a strong emphasis on enhancing customer experience through digital innovation. As part of the Allcargo Group, the company remains committed to delivering value to stakeholders and fostering sustainable growth in the logistics sector.

The company's fund raise committee approved the issuance and allotment of equity shares to eligible institutional buyers at a price of Rs 101 per share during a meeting on June 28, 2024. The QIP attracted diverse investors.

(Source:ET)

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