HYDERABAD: Hyderabad based distribution and suplly chain solutions firm Gati Limited has decided to raise up to Rs 120 crore for expansion of e-commerce business, according to a PTI report.
"Fund raising not exceeding Rs 120 crore by way of issue of securities to Indian or Foreign Investors/QIBs/FIIs/Venture Capital Funds or any other category of investors in accordance with SEBI guidelines and subject to necessary approvals from statutory authorities and shareholders as may be required," Gati said in a filing to stock exchanges.
"This is primarily for e-commerce expansion and also for FCCB (Foreign Currency Convertible Debentures) settlement depending up on the final outcome of court process and RBI response," Gati's CFO Sanjeev Jain told PTI.
Besides, Gatis profit after tax zooms 60% to Rs 14 crore for the quarter ended on December 31 against Rs 8.7 crore in the corresponding quarter previous year.
Consolidated revenue for the company came around Rs 428 crore against Rs 374 crore during corresponding period previous year.