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Gati Ltd will raise ₹120 crore for expanding its e-commerce business.
Fund-raising not exceeding ₹120 crore would be done by way of issue of securities to Indian or foreign investors/ qualified institutional buyers/ foreign institutional investors/ venture capital funds or any other category of investors in accordance with SEBI guidelines, the company said in a statement issued to BSE.
Gati’s consolidated net profit increased 60 per cent to ₹14 crore in the third quarter ended December 31, 2014 compared with ₹8.7 crore in the corresponding quarter of the previous year.
The total revenue of the Hyderabad-based company had increased 15 per cent to ₹428 crore compared with the year-ago period. Commenting on the results, Mahendra Agarwal, Founder and CEO, Gati, said: “In the e-commerce segment, we continue to perform well and remain confident of sustaining these high growth levels in the coming quarters as well.”
The implementation of GST, gradual improvement in the economy and continued high growth in e-commerce would augur well for the company in FY-16, he added. On Tuesday, the company’s scrip closed 0.95 per cent down at ₹272.20 on BSE, while the benchmark index gained 1 per cent to 29,571.04 points.
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