Gateway Rail may place Rs 300-cr CCPS with Blackstone
Gateway Rail Freight plans to raise up to Rs 300 crore by placing compulsorily convertible preference shares (CCPS) to Mauritius’ Blackstone GPV Capital Partners.
By ET Bureau |
MUMBAI: Gateway Rail Freight (GRFL), a subsidiary of the logistics company Gateway Distriparks, plans to raise up to Rs 300 crore by placing compulsorily convertible preference shares (CCPS) to Mauritius��� Blackstone GPV Capital Partners, a private equity fund.
ET had reported on September 29 that Blackstone was in advance stage of negotiation to acquire interest in GRFL.
According the company release issued to BSE, the shares on conversion will entitle Blackstone GPV to acquire between 37.27% and 49.9% in the unit. Gateway Distriparks has the option to acquire the CCPS at the end of five years from the date of investment, and Blackstone can sell the shares to Gateway at the end of 10 years.
The deal would expand Blackstone���s investments in the Indian logistics sector. The fund currently owns 10.38% equity in Allcargo Global. Private equity funds like Blackstone and India Value Fund are buying into logistics companies which they feel have the potential to eat into the market share of Container Corp of India, the state-run entity controlling 80% of the market. India Value Fund owns a 50% stake in container trains operator Innovative B2B Logistics Solutions for Rs 200 crore.
ET had reported on September 29 that Blackstone was in advance stage of negotiation to acquire interest in GRFL.
According the company release issued to BSE, the shares on conversion will entitle Blackstone GPV to acquire between 37.27% and 49.9% in the unit. Gateway Distriparks has the option to acquire the CCPS at the end of five years from the date of investment, and Blackstone can sell the shares to Gateway at the end of 10 years.
The deal would expand Blackstone���s investments in the Indian logistics sector. The fund currently owns 10.38% equity in Allcargo Global. Private equity funds like Blackstone and India Value Fund are buying into logistics companies which they feel have the potential to eat into the market share of Container Corp of India, the state-run entity controlling 80% of the market. India Value Fund owns a 50% stake in container trains operator Innovative B2B Logistics Solutions for Rs 200 crore.
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