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Last Updated : Sep 30, 2020 04:36 PM IST | Source: Moneycontrol.com

Buy Gateway Distriparks: target of Rs 134: ICICI Securities

ICICI Securities is bullish on Gateway Distriparks recommended buy rating on the stock with a target price of Rs 134 in its research report dated September 29, 2020.

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ICICI Securities research report on Gateway Distriparks


Gateway Distriparks’ (GDL) Board has approved: i) amalgamation of Gateway East India (GEI) with GDL, and ii) amalgamation of GDL (post-merger with GEI) with Gateway Rail (GRFL). For amalgamation of GEI with GDL, no consideration will be given to the shareholders of GEI since it is a wholly-owned subsidiary of GDL. For amalgamation of GDL with GRFL, the shareholders of GDL will receive equity shares of GRFL in the ratio 1:4. GRFL will get listed and GDL will cease to exist. GDL holds 99.85% stake in GRFL. Promoter shareholding remains largely unchanged post the scheme at 32.12%. Amalgamation into GRFL was expected on account of the existing category-I Rail licence being in the name of GRFL.


Outlook


We upgrade GDL to BUY from Hold with a revised target price of Rs134 (earlier Rs88).


For all recommendations report, click here


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First Published on Sep 30, 2020 04:36 pm
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