Allcargo Gati raises Rs 169 crore through QIP; stock ends 11% down

Shares of the company were trading at Rs 99.49, down 10.8 percent on NSE just before close.

Allcargo Gati Limited successfully raised 169.28 crore through qualified institutional placement (QIP), the logistics company said in an exchange filing on July 2.

The shares were allotted to successful qualified institutional buyers at a premium of 1.51 percent of Rs 101 a share, the company said.

The stock ended the day at Rs 99.49 on the National Stock Exchange, down 10.80 percent from the previous close.

"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,” Gati Express and Supply Chain Pvt Limited (GESCPL) managing director and chief executive officer Pirojshaw Sarkari said.