Adani Ports and SEZ Ltd clarifies on acquisition of Snowman Logistics Ltd

Adani Ports and Special Economic Zone Limited has clarified in reference to Gateway Distriparks Limited's ("GDL") dated May 11, 2020, in connection with Adani Logistics Ltd's (ALL) proposed purchase of GDL's 40.25% stake in Snowman Logistics Limited ("Snowman").
On April 1, 2020, ALL had announced that it currently holds 26% of the total voting equity share capital of Snowman, pursuant to an open offer in accordance with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and that Parties are in discussion in relation to the purchase of its 40.25% stake in Snowman pursuant to a share purchase agreement dated December 27, 2019 between ALL, GDL and Snowman ("SPA").

ALL has received a letter issued by GDL in relation to a purported repudiation of the SPA and ALL has duly responded to the same. ALL has categorically denied the correctness and basis of the statements, assertions and claims being made by GDL.

Shares of ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD. was last trading in BSE at Rs.293.5 as compared to the previous close of Rs. 309.35. The total number of shares traded during the day was 112923 in over 2344 trades.

The stock hit an intraday high of Rs. 312 and intraday low of 291.7. The net turnover during the day was Rs. 33529892.

Source : Equity Bulls

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