Allcargo Logistics will acquire 1.04 cr shares of Gati at 75 Rs per share and has made an open offer for 26% stake at 75 Rs per share.
Shares of Gati plunged 5% and Allcargo Logistics added 4% in the early trade today after the later acquired majority stake in the courier company.
Allcargo Logistics will acquire 1.04 cr shares of Gati at 75 Rs per share and has made an open offer for 26 % stake at 75 Rs per share.
The Allcargo board has approved the share purchase agreement between the company and promoter for acquisition ⇑ to 1,03,85,332 equity shares at a price of Rs 75 per equity share and to acquire the preferential issue of 1,33,33,340 equity shares of Gati at 75 Rs per share.
The company has also made an open offer to acquire ⇑ to 3,17,42,615 equity shares of Gati, representing 26 % stake, at 75 Rs per share, aggregating to Rs 238 cr.
Gati was quoting at 64.40 Rs, ⇓ 1.60 Rs, or 2.42 % and Allcargo Logistics was quoting at 95.95 Rs, ⇑ Rs 1.80, or 1.91 % on the BSE.
