Gati: Gati transfers 69.79% equity holding in Gati Kausar India to Mandala Capital AG

New Delhi: Express distribution and supply chain solutions firm Gati Ltd on Thursday said it has transferred its 69.79 per cent equity holding in Gati Kausar India to Mandala Capital AG Ltd, a leading private equity firm focused on investments across the food value chain. With the transfer, Gati Kausar has ceased to be the company’s subsidiary with effect from July 14, 2021, and also the company stands to have reduced its debt at a consolidated level by about Rs 105 crore, Gati Ltd said in a filing to the BSE.

“The company has transferred its 69.79 per cent equity holding in Gati Kausar to Mandala Capital AG Ltd on July 14, 2021,” Gati Ltd said.

In May, Gati Ltd had said that it is exiting from its cold chain solutions business Gati Kausar India.

Gati had said it will sell its about 70 per cent stake in Gati Kausar India to existing minority shareholder Mandala Capital AG Ltd.

Mandala has been a shareholder in Gati Kausar since 2014, the company had said.

“The company had entered into a share purchase agreement dated May 25, 2021, as a promoter with other contracting parties (ie) Gati Kausar India Ltd, a subsidiary of the company, and Mandala Capital AG Limited as an investor, for the sale/disposal of 69.79 per cent of its equity holding in Gati Kausar held by the company, in favour of Mandala Capital AG Limited,” the BSE filing said.