March 4, 2020 / 11:30 AM / a month ago

BRIEF-Allcargo Logistics Gets SEBI Approval For Open Offer To Buy 26% Stake In Gati

March 4 (Reuters) - Allcargo Logistics Ltd:

* GETS SEBI APPROVAL ON ITS OPEN OFFER TO ACQUIRE A 26% STAKE IN GATI AT 75 RUPEES A SHARE

* ON FULL ACCEPTANCE OF THE OPEN OFFER IT WILL TAKE ALLCARGO’S STAKE IN GATI TO 46.83%

* OPEN OFFER IS EXPECTED TO BE LAUNCHED IN MARCH 2020 AND CLOSED BY APRIL 2020.

* TWO DIRECTORS OF ALLCARGO HAVE BEEN APPOINTED ON THE GATI BOARD

* ALREADY DEPOSITED 2.38 BILLION RUPEES EQUIVALENT TO 100% OF CAPITAL REQUIRED TO FUND OPEN OFFER Source text: here Further company coverage:

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