Gati on fast track on unit stake buy

MUMBAI: Shares of Gati were on the rise after it said it planned to acquire the remaining 26.28 per cent stake in trucking company, Kausar India, through an open offer.

The logistics firm, which is the sole promoter of Kausar India, currently holds 73.72 percent in the firm. Gati plans to de-list Kausar shares from the Delhi Stock Exchange and Ludhiana Stock Exchange Association following the acquisition.

It will acquire Kausar's shares following a reverse book building process. The offer opens on March 23 and closes on March 25, Gati added.

At 1:20 pm, the company���s shares eased most of its gains and were trading at Rs 39.35, up 3.69 per cent after rising to a high of Rs 42.