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Gateway Distriparks, Snowman Logistics share price up 5-7% on stake sale buzz

HDFC Bank was the exclusive financial advisor to the company for this transaction.

December 30, 2019 / 09:47 AM IST
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Share price of Snowman Logistics and Gateway Distriparks added 5-7 percent in the early trade on December 30 after later decided to sell its entire stake in Snowman Logistics.

Gateway Distriparks in its press release said that it has entered into a share purchase agreement to sell its entire stake of 40.25 percent in Snowman Logistics to Adani Logistics for a consideration of Rs 295.92 crore.

The transaction will be completed on or before March 31, 2020.

HDFC Bank was the exclusive financial advisor to the company for this transaction.

“The company will be focusing its activities in the container logistics business and will use the net proceeds from this sale towards reduction of debt,” said Prem Kishan Gupta, Chairman and Managing Director of Gateway Distriparks.

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At 09:24 hrs, Snowman Logistics was quoting at Rs 44.65, up Rs 2, or 4.69 percent and Gateway Distriparks was quoting at Rs 114.10, up Rs 4.35, or 3.96 percent on the BSE.
Moneycontrol News
first published: Dec 30, 2019 09:47 am

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