Samyag

Corporate Actions

Back

Allcargo Logistics gains on picking stake in Gati-Kintetsu Express

28-Mar-23 14:07 Hrs IST

Allcargo Logistics announced that it signed a share purchase agreement with KWE-Kintetsu World Express (S) (KWE Singapore), KWE Kintetsu Express (India) (KWE India), Gati and Gati-Kintetsu Express (GKEPL) for acquisition of aggregate 1,50,000 equity shares, or 30% stake, of GKEPL.

The deal comprises 1,30,000 equity shares, or 26% stake, in GKEPL from KWE Singapore and 20,000 equity shares, or 4% stake, in GKEPL from KWE India. The stake was purchased for an aggregate consideration of Rs 406,70,50,000.

Post completion of this transaction, Allcargo Logistics will hold 30% stake and Gati will continue to hold the existing 70% stake in GKEPL.

Allcargo Logistics is an integrated logistics service provider and operates in multiple business segments - multimodal transport operation (MTO), container freight station (CFS) / inland container depot (ICD), projects and engineering (P&E), contract logistics, and logistics parks (LPs) in which it has forayed recently.

The company's consolidated net profit (from continuing operations) slumped 61.59% to Rs 124.43 crore in Q3 FY23 as against Rs 323.95 crore posted in Q3 FY22. Revenue from operations dropped 26.8% year on year to Rs 4,099.02 crore in Q3 FY23.

Shares of Gati were up 0.40% to Rs 100.25 on the BSE.

Powered by Capital Market - Live News

Attention Investors: Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020. || Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge. || Pay 20% upfront margin of the transaction value to trade in cash market segment. || Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and other guidelines issued from time to time in this regard. || Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month.|| KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.|| No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.