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Blackstone sells entire 14.84% stake in Allcargo Logistics

Blackstone Group, a New York-based private equity firm has exited by selling its entire 14.84% stake in Allcargo Logistics in the secondary market, as reported by a leading English daily.
They also added that, by selling more than 36 million shares via a block deal, the company divested the entire stake in Allcargo.
The New York based company for 9 years was an investor in the logistics company. Soon after the news, Allcargo’s stocks on Wednesday rose around 6% on the BSE.
In 2008, the New York based company, and its affiliates had bought around 15% stake in the logistics firm.
Whereas, Allcargo through the buyback programme had bought 640,000 or 2.45%, which led to the dilution in the shareholding of all investors.
Blackstone has committed around $6.4 billion so far in the country, across private equity funds and real estate, since 2005
Stock view:
Allcargo Logistics Ltd is currently trading at Rs 193.85, up by Rs 3.05 or 1.6% from its previous closing of Rs 190.8 on the BSE.
The scrip opened at Rs 193.5 and has touched a high and low of Rs 195.8 and Rs 193 respectively. So far 448124(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 4687.87 crore.
The BSE group ‘B’ stock of face value Rs 2 has touched a 52 week high of Rs 221.6 on 01-Aug-2016 and a 52 week low of Rs 143.3 on 19-May-2016. Last one week high and low of the scrip stood at Rs 198.9 and Rs 172.1 respectively.
The promoters holding in the company stood at 70.02 % while Institutions and Non-Institutions held 14.14 % and 15.84 % respectively.
The stock is currently trading above its 200 DMA.