The Australian investment bank Macquarie Bank has reportedly offloaded its entire 5.69% stake in Gati as the legal battle between the Hyderabad-headquartered company and Goldman Sachs -- over the conversion of outstanding bonds into a significant equity stake in the company - threatens to snowball into a full-blown legal war.
Macquarie Bank, on July 15, sold its entire 50 lakh shares, aggregating 5.69% of the paid-up capital in Gati, in the open market. The Sydney-based global lender sold its entire holding in the logistics company at a weighted average price (WAP) of Rs 176 per equity share, netting around Rs 88 crore from the sale.
Gati is a leading player in express distribution and logistics and operates through two divisions - Express Distribution & Supply Chain (EDSC) and Coast- to-Coast (C2C) division. It also operates two container yards at Chennai and Port Blair which increases capability and provides for efficient handling of the cargo.
