Allcargo Logistics emerges biggest shareholder in Gati

January 23 , 2020
Publication: The Hindu Business Line
Source: https://bit.ly/3dlFHXZ

Allcargo Logistics Ltd has become the largest shareholder of express logistics firm Gati Ltd after the board of Gati on Tuesday allotted 1.33 crore shares at Rs 75 a share to Allcargo through a preferential allotment.

The preferential allotment, approved by the shareholders of Gati on January 7, takes Allcargo’s stake in Gati to 13 per cent. Allcargo paid Rs 100 crore for the shares.

On December 5, Allcargo Logistics said it was acquiring a controlling stake in Gati for Rs 416 crore, through a three-stage process.

Last week, Allcargo bought 27 lakh shares in Gati through open-market purchases.

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