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Last Updated : Jan 13, 2020 03:23 PM IST | Source: Moneycontrol.com

Allcargo Logistics share price rises 5% on Blackstone investment buzz

The transaction is expected to conclude in a phase wise manner over the next 12 months.

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Allcargo Logistics share price rose 5 percent intraday on January 13 after Blackstone said it will make an investment in the company's subsidiaries through a combination of equity and debentures upto 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.

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.

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Post conclusion of the transaction, the company will cease to have sole control over certain subsidiaries engaged in the warehousing business and will retain a minority stake in such subsidiaries.

At 15:06 hrs, Allcargo Logistics was quoting at Rs 105, up Rs 5.40, or 5.42 percent on the BSE.

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First Published on Jan 13, 2020 03:23 pm
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