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ET Markets

Family feud at Gati may hinder share sale to Allcargo Logistics

On December 5, Allcargo bought 10.38 million, or 8.51%, shares in Gati for Rs 77.8 crore.

By Anirban Chowdhury and Kala Vijayraghavan, ET Bureau |Updated: December 11, 2019, 08.12AM IST
MUMBAI: The family feud at express logistics company Gati may create problems in its planned share sale to Allcargo Logistics, with the wife and sons of Gati founder Mahendra Agarwal asking the capital markets regulator to not allow an open offer from Allcargo to purchase additional shares of Gati, citing various cases against Agarwal and a recent court mandate to
said, citing this as an additional reason why “no change in the shareholding of Promoter Group of the Target Company or further issue of shares by the Target Company can be allowed to take place”. In the letter, they said they are part of the promoter entity of TCI Finance, one of the proposed sellers in the open offer.

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