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The company has received Securities and Exchange Board of India (SEBI) approval for the open offer to acquire additional 3.17 crore shares in Gati. The open offer is expected to be launched in March 2020 and closed by April 2020, the company further added.Allcargo has already deposited Rs 238 crore equivalent to 100 percent of the capital required to fund the open offer into an escrow account set up as per SEBI norms for the open offer transaction.The said acquisition will create a lot of value by leveraging the express logistics business of Gati with our current logistics courier and parcel logistics (CPL) business. We are confident that it will help Allcargo Logistics achieve sustainable growth as a leader in the logistics industry in the short, medium and long run,” said Shashi Kiran Shetty, Chairman, Allcargo Logistics.At 09:22 hrs, Allcargo Logistics was quoting at Rs 112.65, up Rs 2.25, or 2.04 percent and Gati was quoting at Rs 67.75, up Rs 1.20, or 1.80 percent.
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