The company in an exchange filing made after market hours on Friday said Adani Logistics (ALL), a wholly owned subsidiary of APSEZ, has acquired 6.72 crore equity shares representing 40.25% stake of Snowman Logistics (Snowman) from Gateway Distriparks (GDL) at a price of Rs 44 per equity share aggregating to Rs 295.92 crore. The acquisition gives ALL platform to double its capacity in next 5 years.
Snowman is market leader in cold chain logistics with over 30% of capacity among integrated organized cold chain service providers in India.
Acquisition is in line with ALL’s strategy to move from Port Gate to Customer Gate.
The purchase price of Rs 44 / share represents a 3.2% premium to the market price of 27 December 2019 and a 12% premium to 60 day volume weighted average price (VWAP).
The volume weighted average price (VWAP) is a trading benchmark used by traders that gives the average price a security has traded at throughout the day, based on both volume and price.
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% of the public shareholding in the company.
The said acquisition is subject to customary condition precedents and expected to close by March 31, 2020, the company added.
Meanwhile, shares of Gateway Distriparks surged 4.97% to Rs 115.20 and those of Snowman Logistics rose 2.46% to Rs 43.70.
Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest port developer and operator in India.
