Allcargo acquires nearly 13% stake in Gati in first of three-phased buyout

The Avvashya Group company is now well on track to complete the process to acquire 44.5 percent stake in Gati, the total deal size of which is Rs 416 crore

As part of Allcargo Logistics stake buy plan in Gati, the board of the latter has allotted 13.3 million shares at Rs 75 each to the Avvashya Group company through preferential allotment.

With this, the first of the three phases of stake buy by Allcargo was realised. 

Last week, Allcargo had acquired 2.7 million shares in Gati through open market purchases, a BSE filing said.

Also, as part of this preferential allotment process Allcargo, has already infused Rs 100 crore into Gati. With  this, the preferential allotment would result in Allcargo acquiring 10.91 per cent stake in Gati, said the release.