Gateway Distriparks shares rise 9% as Indian promoter hikes stake
Shares of Gateway Distriparks rose on reports that the firm’s Indian promoter is hiking his stake and taking management control of the company.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Gateway Distriparks rose on reports that the firm’s Indian promoter is hiking his stake and taking management control of the company.
Reports suggest this may be a prelude to a stake sale later to a strategic player. Mukesh Ambani-owned Reliance Logistics and the Tata group are believed to have expressed interest for a possible buyout.
The report also adds that Singapore-based investors - led by Gopinath Pillai, chairman of GDL, and Temasek - who held a significant stake initially, have reduced their holdings over the past couple of years.
The Indian promoter - Delhi-based Prem Kishan Gupta, currently MD of the company - has hiked his stake steadily to 18 per cent from 12-13 per cent earlier to make himself the single largest investor in Gateway Distriparks.
At 1:15 am, the share rose nearly 9 per cent to Rs 155.50 with volume traded at 9,46,818 against two-week average of 1,97,319 shares.
Reports suggest this may be a prelude to a stake sale later to a strategic player. Mukesh Ambani-owned Reliance Logistics and the Tata group are believed to have expressed interest for a possible buyout.
The report also adds that Singapore-based investors - led by Gopinath Pillai, chairman of GDL, and Temasek - who held a significant stake initially, have reduced their holdings over the past couple of years.
The Indian promoter - Delhi-based Prem Kishan Gupta, currently MD of the company - has hiked his stake steadily to 18 per cent from 12-13 per cent earlier to make himself the single largest investor in Gateway Distriparks.
At 1:15 am, the share rose nearly 9 per cent to Rs 155.50 with volume traded at 9,46,818 against two-week average of 1,97,319 shares.
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