Gati surges 33% in one week on talks of acquisition by TVS Logistics

Gati informed the stock exchanges that Manoj Gupta, CFO, has resigned from the company due to personal reasons which has been accepted by the Company and he has been relieved with immediate effect.

Shares of logistics company Gati have rallied 10% to Rs 116 per share on the BSE in noon deals, extending its past four days gain, on reports that TVS Logistics is in talks to acquire the company for Rs 15 billion.

In past one week, the stock soared 33% from Rs 87.50 on July 25, 2018, as compared to 1.8% rise in the S&P BSE Sensex.

The counter has seen huge trading volumes with a combined 4.5 million equity shares changed hands on the BSE and NSE till 01:16 pm. On an average sub two million shares were traded daily in past two weeks on both the exchanges.

On Tuesday, July 31, 2018 after market hours, Gati informed the stock exchanges that Manoj Gupta, Chief Financial Officer, has resigned from the company due to personal reasons which has been accepted by the Company and he has been relieved with immediate effect.

As a part of Company's growth strategy, the board of directors of the company at their meeting held on Thursday, April 26, 2018, advised management to look for inducting a new Strategic and/or financial Partner to reposition Gati as a global leader in the logistic space.

“Amongst all such opportunities that the Company is presently evaluating, it would clarify that at this stage there is no such transaction which has been finalised and the Company has not entered into any binding definite agreement. Should the Company conclude anything definitive, it will be notified to Stock Exchanges,” Gati said on Monday, July 30, 2018 on clarification of the news report.