Allcargo to buy 44% in Gati for Rs 416 crore

New Delhi: Allcargo Logistics, the largest integrated logistics solutions provider in the private sector, on Thursday said it will acquire around 44 percent stake in Gati for nearly Rs 416 crore, marking its foray into the express logistics market.

Under a three-phased deal, Allcargo will first buy over 1.03 crore shares and subscribe to a preferential issue of over 1.33 crore shares (collectively 18 percent shares) held by promoters and promoter group of Gati, including Mahendra Kumar Agarwal, Mahendra Investment Advisors and TCI Finance and also Gati, at Rs 75 a share.

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