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Last Updated : Jan 14, 2020 12:52 PM IST | Source: Moneycontrol.com

Allcargo Logistics share price rises 10% in 2 days on Blackstone investment buzz

Blackstone will make an investment in the company's subsidiaries through a combination of equity and debentures upto Rs 380 crore.

 
 
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Allcargo Logistics share price continued its upward momentum on the second day on January 14 after Blackstone reportedly is planning to invest in the company's subsidiaries.

Share price rose 5 percent intraday today after closing 4 percent higher in the previous day after the private equity firm said it will purchase a majority stake in the company's warehousing business for Rs 380 crore.

The company board has approved the execution of definitive transaction documents with BRE Asia Urban Holdings Ltd, an entity controlled by funds managed or advised by affiliates of The Blackstone Group Inc.

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The transaction is expected to conclude in a phase-wise manner over the next 12 months, subject to satisfaction of customary closing conditions and achievement of certain milestones as prescribed in the transaction documents.

At 12:14 hrs, Allcargo Logistics was quoting at Rs 107.50, up Rs 3.55, or 3.42 percent on the BSE.

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First Published on Jan 14, 2020 12:52 pm
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