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Private equity-backed Allcargo Global Logistics Ltd (AGL), a Mumbai-based logistics firm, plans to raise $150 million (around Rs 700 crore) through the issue of shares. The company is looking at options such as public or private placement of shares, qualified institutional placement (QIP) and foreign currency convertible bonds (FCCBs). 

The stock was trading at Rs 849.50, up by Rs 11.70 or 1.40% at 11:51 today. Net sales of the company was Rs 2,248.78 crore in year 2008 against Rs 1,613.46 crore a year ago. Net profit was Rs 141.89 crore against Rs 86.4 crore.  

In September this year, New York-based private equity major Blackstone Group invested $23 million (Rs 142 crore) in the company, raising its stake to over 11% from 5.26% stake earlier. Earlier in January 2006, New Vernon had picked up 6% stake in Allcargo for Rs 60 crore.

Apart from expanding its presence organically, the company has been acquiring companies in different geographies. It acquired global logistic giant ECU Line and Hindustan Cargo Ltd in 2006 and 2007 respectively, expanding its presence across 59 countries in the world.

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