New Delhi, Dec 5 (IANS): Allcargo Logistics on Thursday announced the acquisition of controlling stake in express logistics player Gati Ltd.
As per the deal, Allcargo would buy up to 1,03,85,332 equity shares at Rs 75 each from some of the existing members of the promoter group of Gati -- Mahendra Kumar Agarwal, Mahendra Investment Advisors Pvt Ltd and TCI Finance Ltd (TCI) -- and Gati.
Allcargo Logistics is the global leader in LCL (less container load) consolidation and one of India's largest players in integrated logistics solutions.
A BSE filing by Allcargo said that it "approved the Share Subscription Agreement (SSA) with Gati and some of the existing members of the promoter and promoter group of Gati, Mahendra Kumar Agarwal, Mahendra Investment Advisors Private Limited and TCI Finance Limited (as confirming parties) for subscribing to the preferential issue of 1,33,33,340 equity shares of Gati at a price of Rs 75 per share, subject to the approval of the shareholders of Gati and such other approvals as may be considered necessary."
It also said that the acquisition is expected to be completed by March 30, 2020.
On Thursday, shares of Gati on the BSE closed at Rs 66 apiece, higher by 0.75 paise or 1.15 per cent from its previous close.
--IANS
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