Shares of Gateway Distriparks (GDL) were up 12 per cent to Rs 123 on the BSE on Monday. The stock has rallied 29 per cent in the past three trading days after the company announced plan to sell entire stake sale in Snowman Logistics to Adani Logistics for around Rs 296 crore.
The trading volumes on the counter jumped more than eight-fold today. A combined 1.23 million equity shares changed hands on the NSE and BSE till 10:26 am. In comparison, the S&P BSE Sensex was up 0.28 per cent at 41,690 points.
On Friday, December 27, GDL has entered into a share purchase agreement to sell its entire stake of 40.25 per cent in Snowman Logistics to Adani Logistics for a consideration of Rs 295.92 crore, the company said in a regulatory filing.
The management said the Gateway Distriparks will be focusing its activities in the container logistics business and will use the net proceeds from this sale towards reduction of debt.
The transaction will be completed on or before March 31, 2020. HDFC Bank was the exclusive financial advisor to GDL for this transaction, the company said.
Snowman is the largest cold chain provider in India and provides integrated temperature-controlled warehousing transportation and distribution services.
Meanwhile, the stock of Snowman Logistics was trading 2.6 per cent higher at Rs 43.75, extending its Friday’s 4 per cent gain on the BSE. It hit a 52-week high of Rs 45.80 in intra-day deal today.