*Open offer*
*Gati Limited*
Open offer for acquisition of up to 3,17,42,615 fully paid-up equity shares of face value of ` 2 each (“Equity Share”), representing 26.00% of the Expanded Voting Share Capital (as defined below) of GATI Limited (“Target Company”) from the Public Shareholders (as defined below) of the Target Company by Allcargo Logistics Ltd. (“Acquirer”), with an intention to acquire control of the Target Company pursuant to and in compliance with the requirements of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended (“SEBI (SAST) Regulations”) (the “Open Offer”).
This public announcement (“Public Announcement” or “PA”) is being issued by Inga Ventures Pvt. Ltd. (the “Manager to the Open Offer”) for and on behalf of the Acquirer, to the Public Shareholders (as defined below) of the Target Company pursuant to and in compliance with Regulation 3(1) and 4 and other applicable regulations of the SEBI (SAST) Regulations
Offer Details
Offer Size: The Acquirer hereby makes this Offer to the Public Shareholders of the Target Company to acquire up to 3,17,42,615 Equity Shares (“Offer Shares”), representing 26.00% of the Expanded Voting Share Capital of the Target Company, at a price of Rs.75 per Offer Share aggregating to a total consideration of Rs.238,06,96,125 (assuming full acceptance) (“Offer Size”), subject to the terms and conditions mentioned in this Public Announcement, the detailed public statement (“DPS”) and letter of offer (“LoF”) to be issued for the Offer in accordance with the SEBI (SAST) Regulations.
Price/ Consideration: The Offer is being made at a price of Rs.75 per Offer Share (“Offer Price”) determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations. Assuming full acceptance of the Offer, the total consideration payable by the Acquirer in accordance with the SEBI (SAST) Regulations will be Rs. 238,06,96,125.
Mode of Payment (cash/ security): The Offer Price will be paid in cash, by the Acquirer in accordance with Regulation 9(1)(a) of the SEBI (SAST) Regulations.
Type of Offer (Triggered offer, voluntary offer/competing offer, etc.): This Open Offer is a mandatory open offer made in compliance with Regulations 3(1) and 4 of the SEBI SAST Regulations
CMP: Rs.60
Market Cap: Rs 652crore
Offer Price: Rs.75
Offer Size: 3,17,42,615 Equity Shares (“Offer Shares”), representing 26% of the Voting Share Capital
probability of Acceptance Ratio: 55-60%.