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Last Updated : May 25, 2018 02:53 PM IST | Source: Moneycontrol.com

Gateway Distriparks zooms 20% ahead of acquisition of PE firm's stake in freight arm

After the stake buy, Gateway Distriparks' shareholding in its subsidiary Gateway Rail Freight will increase to 99.80 percent.

 
 
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Gateway Distriparks share price was locked at 20 percent upper circuit at Rs 199.30 after the company decided to acquire private equity investor's stake in its subsidiary.

There were pending buy orders of 43,366 shares, with no sellers available at 14:21 hours IST.

The container logistics firm will acquire global private equity major Blackstone's entire shareholding in its freight company Gateway Rail Freight for Rs 810 crore.

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"The board of directors approved the acquisition of entire shareholding held by Blackstone in compulsorily convertible preference shares (CCPS) and equity shares in Gateway Rail Freight Limited for a total consideration of Rs 810 crore," the company said in its filing.

After the stake buy, Gateway Distriparks' shareholding in its subsidiary Gateway Rail Freight will increase to 99.80 percent, it added.

The company said it would complete this acquisition within a period of 90 days, subject to statutory and regulatory approvals as may be required.

Gateway Rail provides inter-modal logistics and operates its own rail-linked Inland Container Depots (ICD) at Gurgaon, Faridabad, Ludhiana, and Sanand. It also runs a domestic terminal at Mumbai.

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First Published on May 25, 2018 02:53 pm
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