Gati to raise Rs 78.91cr via warrants issue

Courier service provider Gati today said it will raise Rs 78.91 crore by issue of warrants to different promoters and the Infrastructure Fund of India LLC.

The company board has approved to allot a total of 1,16,73,818 warrants aggregating to Rs 78.91 crore, Gati said in a filing to the Bombay Stock Exchange.

The company would issue 48,72,000 convertible warrants at Rs 81 a piece to promoter group, Mahendra Investment Advisors, on preferential basis, totalling to Rs 39.46 crore.

Further, the company would allot 53,60,400 convertible warrants at Rs 58 per piece to its promoter, Mahendra Kumar Agarwal, on preferential basis, aggregating to Rs 31.09 crore, the filing added.

And the board has approved to issue 14,41,418 convertible warrants to the Infrastructure Fund of India LLC at Rs 58, totalling to Rs 8.36 crore, it said.

The Infrastructure Fund of India holds a 12.34 per cent stake in the courier service provider, according to the June quarter shareholdings patterns available on the BSE.

All the warrants are to be convertible into equal number of shares within a period of 18 months, it said.

The proposals are subjected to shareholders approval, it added.

Shares of Gati today closed at Rs 60.50 on the BSE, up 2.72 per cent from previous close.