Allcargo completes 7.5 percent stake buy in Gati

January 29 , 2020
Publication: The Economic Times
Source: https://bit.ly/2W8L0Eh

Allcargo Logistics Tuesday said it has completed a 7.5% stake purchase in Gati, taking its total ownership in the express logistics company to 20.8%. 
This will now trigger the open offer for Allcargo to buy a planned 44.5% in Gati.
This adds to the 13% it acquired last week through preferential allotment of shares after an approval from Gati’s shareholders in an EGM. Allcargo is now the single largest shareholder in Gati.In the deal that was announced Tuesday, Allcargo bought an additional 9.1 million shares through two different transactions: 5.16% from Gati’s promoters and another 2.31% stake through open market purchases.

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