Discussions are on to complete the transaction. In addition, Blackstone Mauritius has sent an Arbitration notice under share subscription and shareholders agreement entered between GDL, Gateway Rail Freight (GRFL) and Blackstone GPV Capital Partners (Mauritius) V-H Ltd (Blackstone), it added.
In May 2018, the board of container logistics firm GDL had approved the acquisition of entire shareholding held by Blackstone in compulsorily convertible preference shares (CCPS) and equity shares in Gateway Rail Freight for a total consideration of Rs 810 crore.
GDL and GRFL are both in the container logistics business. GRFL, in addition, handles container based rail logistics. The acquisition will ensure synergies in operations and management and will be of strategic benefit to the company in the long run.
Currently, GDL holds 59.11 % in GRFL. Once the acquisition is completed in full, the holding will go up to 99.80%.
At 01:49 pm, GDL was trading 4% lower at Rs 124 on BSE, as compared to a 0.46% decline in the S&P BSE Sensex. A combined 366,415 equity shares changed hands on the counter on the BSE and NSE so far.