Express logistics firm Allcargo Gati Ltd. has announced that it has raised Rs 169.28 crore through Qualified Institutional Placement.
The fresh capital was secured after the fundraise committee of the company's board approved the issue and allotment to qualified institutional buyers.
The company set the issue price of Rs 101 per equity share, it said in an exchange filing on Tuesday.
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The QIP saw participation from various investors raising a total amount of Rs 169.28 crore, it said.
"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.
The proceeds from the QIP will be invested towards technology, infrastructure and deleveraging the balance sheet, paving the 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.
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(With Inputs From PTI.)
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