Allcargo Gati launches QIP to raise Rs 200 crore from institutional investors

Logistics firm Allcargo Gati has announced the launch of a Qualified Institutional Placement (QIP) to raise up to Rs 200 crore. This was revealed in a stock exchange filing late on June 24. The company has set a floor price of Rs 106.67 per share for the issue, representing a 5.6 percent discount to the previous session’s closing price of Rs 113.

The base size of the issue is Rs 100 crore, with an option to increase it by another Rs 100 crore. CNBC-TV18 reported that the indicative price for the QIP might be set at Rs 101 per share, which would take the discount to over 10 percent from the previous closing price.

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Allcargo Gati’s stock saw a jump in the last hour of trade on Monday, ending the day up 5.61 percent. Despite this, the floor price of the QIP remains at a discount to the closing price.

The final issue price will be determined in consultation with the book running lead managers, with the possibility of offering up to a 5 percent discount on the floor price. Nuvama Wealth Management has been appointed as the lead manager for the QIP.

As of 10:08 AM the shares were trading