Allcargo Gati Raises Rs 169.28 Crore Through QIP, Eyes New Growth Phase

Allcargo Gati Ltd has secured Rs 169.28 crore via equity shares through Qualified Institutional Placement (QIP). The investment, approved on June 28, signifies investor confidence, aiming to enhance technology, infrastructure, and financial stability. CEO Pirojshaw Sarkari emphasizes the strategic importance for future growth phases.

On Tuesday, Express logistics firm Allcargo Gati Ltd announced it has raised Rs 169.28 crore by issuing equity shares through a Qualified Institutional Placement (QIP). This significant fundraising initiative followed the company's board approval during its meeting on June 28.

The QIP, priced at Rs 101 per equity share, drew participation from various institutional investors, reflecting strong investor confidence. 'The response to our QIP underscores investor confidence in our business strategy and market position,' remarked Pirojshaw Sarkari, Managing Director and CEO of Gati Express and Supply Chain Pvt Limited (GESCPL).

The freshly raised funds will bolster the company's financial position and will be directed towards technology, infrastructure enhancements, and balance sheet deleveraging. Sarkari highlighted that Allcargo Gati is poised for a new growth phase, with a focussed strategy on improving customer experience through digital innovation.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)