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ICICI Securities Report
Allcargo Logistics Ltd. FY20 annual report highlighted few additional details from the Blackstone deal. The agreement involved six subsidiaries and Blackstone Real Estate Asia Urban (BRE).
Blackstone is expected to pick majority stake in these subsidiaries. FY20, however, has witnessed initial investment of Rs 2284 million from Blackstone in the form of debentures and only Rs 89.3 million as equity.
Majority stake in four out of six subsidiaries has been divested by Allcargo Logistics for Rs 89.3 million.
The business transaction agreement was carried out with four of these subsidiaries (two where stake has been divested and two where stake is yet to be divested), where Rs 4.08 billion worth of warehousing assets were transferred.
Blackstone has a put option, d at Rs 30.2 million by Allcargo Logistics, to get out of the deal in 12 months.
Further, shares of eight subsidiaries (of which six subsidiaries are a part of the agreement) have being pledged by Allcargo Logistics to Blackstone.
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