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.
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.