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2015-01-28

Gati looks to raise Rs 120 crore for expansion

The funds will be utilized for e-commerce expansion and also for FCCB (Foreign Currency Convertible Debentures) settlement.

Gati Limited, a Hyderabad based Express Distribution and Supply Chain Solutions firm is looking to raise up to Rs 120 crore for expansion of e-commerce business, as reported by PTI.

"Fund raising not exceeding Rs 120 crore by way of issue of securities to Indian or Foreign Investors/QIBs/FIIs/Venture Capital Funds or any other category of investors in accordance with SEBI guidelines and subject to necessary approvals from statutory authorities and shareholders as may be required," Gati said in a filing to stock exchanges.

"This is primarily for e-commerce expansion and also for FCCB (Foreign Currency Convertible Debentures) settlement depending up on the final outcome of court process and RBI response," Jain told PTI.

The company stated that the profit of Gati has witnessed a surge of 60 per cent the quarter ended December 31 which is Rs 14 crore against Rs 8.7 crore during the same quarter last year. Consolidated revenue for the October-December quarter stood at Rs 428 crore against Rs 374 crore during same period last year.

"Our performance for the third quarter has been good and ends 2014 as a milestone year in our path to achieve high levels of excellence," said Mahendra Agarwal, CEO, Gati.

He added "In the e-commerce segment, we continue to perform extremely well and remain confident of sustaining these high growth levels in the coming quarters as well."

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