Gateway Distriparks Ltd to acquire 6% stake in Snowman Logistics Ltd for Rs. 25.90 crore

Gateway Distriparks Ltd (GDL) has executed Share Sale Agreement with Nichirei Logistics Corporation (Nichirei) to acquire Nichirei's stake of about 6% (7.4 Million shares) in Snowman Logistics Limited (SLL) for about Rs. 25.90 Crores.

Post the acquisition, GDL's holding in SLL will increase to about 54%.

SLL has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on August 29, 2013, for an initial public offering (IPO) of its equity shares (42 Million) for raising capital - subject to applicable rules.

Shares of Gateway Distriparks Ltd was last trading in BSE at Rs.105.80, up by Rs.0.85 or 0.81%. The stock hit an intraday high of Rs.106.45 and low of Rs.104.75.

The total traded quantity was 553 compared to 2 week average of 70240.

Source : Equity Bulls

Keywords