Over 87% Gati shareholders vote for sale to Allcargo

January 09 , 2020

Shareholders of GatiNSE 2.13 % today voted in favour of a resolution for preferential allotment of shares to AllcargoNSE 1.76 %. 87% of the voters in the EGM voted for the resolution. 

On December 5, Allcargo bought 10.38 million, or 8.51%, shares in Gati for Rs 77.8 crore. In a further preferential allotment, it got 13.33 million, or 10.92%, shares for Rs 100 crore. This was followed by an open offer for 31.74 million shares, or 26%, of the company from shareholders including Mahendra, his Mahendra Investment Advisors Pvt Ltd owns a little under 3% and TCI Finance owns about 5%. Depending on the response to the open offer, Allcargo aims to own close to half of Gati. 

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