Patel Integrated Logistics bags fresh round of funding from Mauritius PE firm

July 13, 2017: Patel Integrated Logistics has raised fresh round of funding from the Mauritius-based, India focused private equity (PE) firm Frontline Strategy.

The Mumbai-based multi-modal logistics service provider will use the money to finance its warehouse expansion plan. This is the firm’s second round of fund raising. The investment comes after the goods and services tax (GST) implementation, 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.

During its first round of fund raising, the integrated logistics firm had raised Rs.18.73 crore from Frontline Strategy.