Patel Integrated Logistics Ltd, the Mumbai-based multi-modal logistics service provider raised fresh round of funding from the Mauritius-based, India focused private equity (PE) firm Frontline Strategy Pvt. Ltd, in its second round of fund raising.
The company will use the money to finance its warehouse expansion plan. The investment assumes significance as it comes after the roll out of goods and services tax ( GST) which is expected to fuel growth in the logistics sector.
The company’s board on Wednesday inter-alia approved allotment of 6,49,311 equity shares, with a face value of Rs 10, on preferential basis to Frontline Strategy, it said in a notice to stock exchanges. The allotment was done at Rs 115 a piece, a 23.8 percent premium to its Wednesday’s closing price of Rs 92.85.
The integrated logistics firm, with interest in surface and air cargo segment had earlier raised Rs.18.73 crore from Frontline Strategy.