Allcargo Gati informed that it has raised Rs 169.28 crore by way of issue of equity shares through a qualified institutional placement (QIP).
On 28 June 2024, the companys fund raise committee of the board 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 crore, it added.
Pirojshaw (Phil) Sarkari, MD & CEO, Gati Express and Supply Chain (GESCPL) said, 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.
Allcargo Gati is primarily engaged in the business of E-commerce logistics, and running of fuel stations.
The company reported a consolidated net loss of Rs 3.66 crore in Q4 FY24, as compared with net loss of Rs 16 crore recorded in Q4 FY23. Revenue from operations decreased 2.4% YoY to Rs 405.80 crore in Q4 FY24.
Shares of Allcargo Gati tumbled 9.78% to Rs 100.50 on the BSE.
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