Gati Board Clears Allotment of 10.91 percent stake to Allcargo

January 22 , 2020
Publication: The Economic Times
Source: https://bit.ly/2Wzy2yr

The board of Gati on Tuesday approved the allotment of 13.3 million shares or 10.91 per cent of its equity on a preferential basis, as it embarks on an open offer to buy majority shares in the company. 

The preferential allotment would result in Allcargo acquiring 10.91 per cent stake in Gati. Allcargo had acquired 2.7 million shares in Gati in the last week through open market purchases, said a statement from Allcargo. 

“Post these transactions, Allcargo owns close to 13 per cent stake in Gati, which makes it the single largest shareholder of Gati,” it added.

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