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.