By 30 November, 2015
Patel Integrated Logistics to raise about $3M from Frontline Strategy

Patel Integrated Logistics Ltd is raising around Rs 19 crore ($3 million) from private equity firm Frontline Strategy by issuing shares and warrants, the Mumbai-based company said in a stock market disclosure.

The logistics services provider has agreed to issue up to 7,00,000 shares and up to 9,29,000 equity warrants at Rs 115 apiece on a preferential basis, the disclosure showed.

Shares of the company fell 4.6 per cent to close at Rs 131.85 in a flat Mumbai market on Monday.

The company has received board approval for the proposal and will seek shareholders' clearance on December 28. It plans to use the funds for expansion.

The company has an air cargo service, a transport fleet and delivery offices across the country. It is engaged in surface cargo transportation of goods, exports of sea foods, leather goods, granite, garments, engineering goods and medical equipment.

Founded in 2000, Frontline Strategy is a specialist PE firm providing growth capital and expertise to businesses focused in India.

In August, Frontline Strategy, along with Ccube Angels, a Singapore-based angel investors’ community, picked up a minority stake in wetravelsolo.com, an online platform that organises special interest tours for solo travelers.

Some of the investments made by the fund in India include Titagarh Wagons, Astra Microwave Products, Alfa Transformers and Shilpa Medicare, according to VCCEdge, the data research platform of VCCircle.

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