Patel Integrated Logistics has raised fresh round of funding from the Mauritius-based, India focused private equity (PE) firm Frontline Strategy, in its second round of fund raising. The funds will be used by the company to finance its warehouse expansion plan.
The board of directors at its meeting held on July 12, 2017 has approved allotment of 6,49,311 equity shares of face value of Rs 10 each on conversion of same number of Convertible Equity Warrants fully paid up at an issue price for Rs 115 (including premium of Rs 105) per equity warrant by the company on preferential basis to Frontline Strategy.
Consequent to such allotment, the paid-up equity share capital of the company has increased from Rs 15,88,66,120 consisting of 1,58,86,612 equity shares of Rs 10 each to Rs 16,53,59,230 consisting of 1,65,35,923 equity shares of Rs 10 each.
Patel Integrated Logistics is an India-based logistics solutions provider. The company’s segments include Surface Transportation, Co-loading of Courier and Consolidation of Cargo.
