The Board of Directors of Allcargo Logistics Limited has approved the utilization of funds raised through an earlier Qualified Institutions Placement (QIP). The approval pertains to the utilization of proceeds that were raised via a Postal Ballot dated February 6, 2024. The total proceeds amounting to ₹64.71 crore are now slated to be utilized on or before December 31, 2025. The Board will continuously monitor the use of these funds through the Monitoring Agency and ICRA Limited.
Board Sanctions Deployment of QIP Funds
On March 10, 2026, Allcargo Logistics Limited announced that its Board of Directors has formally approved the utilization plan for the proceeds generated from the earlier Qualified Institutions Placement (QIP). This decision follows an initial approval obtained via a Postal Ballot conducted on February 6, 2024.
Financial Details and Timeline
The total aggregate amount raised through the QIP, which was completed in association with Allcargo Gati Limited, stood at ₹64.71 crore. The Board has mandated that the utilization of these funds must be completed on or before December 31, 2025. The company confirmed that this approval is subsequent to the utilization of a portion of the QIP proceeds raised earlier by Allcargo Gati Limited (now amalgamated with Allcargo Logistics Limited).
Oversight and Monitoring
To ensure accountability, the Board has mandated ongoing oversight of the utilization process. The review and observation of the QIP utilization will be conducted by the Monitoring Agency and ICRA Limited, both appointed to scrutinize the deployment of the funds received by the Company.
Source: BSE
