Shares of Adani Ports and Special Economic Zone (SEZ) gained nearly 2 per cent in the early trade on the BSE on Monday after Adani Logistics, a subsidiary of the company, announced on Friday it had signed an agreement to acquire a 40.25 per cent stake in Snowman Logistics from Gateway Distriparks for Rs 296 crore.
The purchase price of Rs 44 per share is a 3.2 per cent premium to the market price of December 27, and a 12 per cent premium to the 60-day volume weighted average price (VWAP), said a company release. READ MORE
At 09:52 am, the stock was trading over a per cent higher at Rs 368 apice on the BSE. Snowman Logistics was trading nearly 2.5 per cent higher at Rs 43.70 apiece. In the early trade, it rallied up to over 7 per cent. Gateway Distriparks too gained over 4.6 per cent to trade at Rs 115. The S&P BSE Sensex, on the other hand, was trading flat at Rs 41,656, up 81 points or 0.20 per cent.
“The acquisition is in line with our strategy and vision to be a leader in providing integrated logistics services in India and moving from port gate to customer gate. Cold chain is key product in customer gate strategy given India’s consumer driven demand,” Karan Adani, chief executive officer at APSEZ was quoted as saying.
As part of the transaction, Adani Logistics will make a mandatory open offer as per the Substantial Acquisition of Shares and Takeover Guidelines, 2011 for a maximum 26 per cent of the public shareholding in the company.
Shares of Adani Ports have fallen 6 per cent in the calendar year 2019 as against around 13 per cent rise in the Nifty50 index.