Shares of Allcargo Logistics
gained in the morning trade after its board has approved the acquisition of 19.43% stake in Gati
, effectively taking over management control of the Hyderabad-based supply chain solutions company.
The logistic company will acquire
the stake for Rs177.9cr from promoters and via preferential issue of equity shares, adding that the container freight stations operator also announced an open offer for the acquisition of up to 3.17cr shares, which represents 26% of the paid-up voting share capital, to comply with the SEBI’s norms.
Further, the company added that “upon completion of the Proposed Preferential Allotment, the Company will be classified as Promoter of Gati along with the existing Promoters of Gati. The company will have the right to nominate directors on the Board of Gati as per the terms of the SPA and SSA.”
Allcargo Logistics Ltd is currently trading at Rs95.70, up by Rs1.55 or 1.65% from its previous closing of Rs94.15 on the BSE. The scrip opened at Rs97 and has touched a high and low of Rs98 and Rs94.15 respectively.
Gati Ltd is currently trading at Rs64.65, down by Rs1.35 or 2.05% from its previous closing of Rs66 on the BSE.