Shares of Allcargo Logistics gained five percent on March 27 after the company said it will buy a 30 percent stake (or 1.50 lakh shares) in Gati-Kintetsu Express for Rs 406.71 crore.
The Mumbai-based logistics company had received a green signal from the board to acquire a 30 percent stake in Gati Kintetsu Express from its Japanese JV partner Kintetsu World Express (KWE) group. In the JV, the Allcargo group company Gati holds a 70 percent stake and KWE holds the remaining 30 percent.
Further, the deal includes purchasing 1.3 lakh shares (26 percent) from KWE-Kintetsu World Express (S) and 20,000 shares (4 percent) from KWE Kintetsu Express, the company added.
At 10:51 am, shares of Allcargo Logistics were trading 2.9 percent higher at Rs 356.6 on the BSE.
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Earlier this month, Allcargo Logistics acquired the remaining 38.87 percent stake of ACCI in the contract logistics arm. In February, the company signed a share purchase agreement with BRE Asia Urban Holdings to acquire 90 percent equity share capital and optionally convertible debentures of Madanahatti Logistics and Industrial Parks.
Also, in January, the Mumbai-based logistics company bought a 75 percent stake in German cargo consolidator Fair Trade. The company has mentioned selling its smaller non-core customs clearance business.
In the December quarter, the company reported a 30 percent decline in consolidated net sales at Rs 4,099.02 crore while net profit tanked 53 percent to Rs 155.92 crore.
