Allcargo Logistics gains on plans to buy stake in Gati

The company is in discussions to acquire Gati, that’s 6% owned by Goldman Sachs Group Inc., at an equity valuation of about Rs1,300cr ($183 mn), the media reports added.

Sep 26, 2019 02:09 IST India Infoline News Service

Allcargo Logistics
Shares of Allcargo Logistics gained 2% on the NSE after the media reports said that the company is in the final rounds of discussions to pick up a controlling stake in Gati.

The company is in discussions to acquire Gati, that’s 6% owned by Goldman Sachs Group Inc., at an equity valuation of about Rs1,300cr ($183 mn), the media reports added.

The board of Allcargo is likely to consider the proposed acquisition in October, the media reports added.

Allcargo Logistics Ltd is currently trading at Rs108.65, up by Rs2.45 or 2.31% from its previous closing of Rs106.20 on the BSE. The scrip opened at Rs109.85 and has touched a high and low of Rs110.55 and Rs107.50 respectively.

Also, shares of Gati Ltd is currently trading at Rs56.65 up by Rs1.15 or 2.07% from its previous closing of Rs55.50 on the BSE. The scrip opened at Rs58.25 and has touched a high and low of Rs58.25 and Rs55.10 respectively.

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