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 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.
“Allcargo is on course to complete the transaction to acquire 44.5% stake in Gati. We are abiding by the regulatory and compliance norms while carrying out the transaction,” said Allcargo chairman Shashi Kiran Shetty.
