IBEF: December 30, 2019
Adani Ports and SEZ Ltd (APSEZ) has ventured into cold chain logistics business by acquiring 40.25 per cent stake in Bengaluru-based Snowman Logistics for Rs 296 crore (US$ 42.35 million).
The deal took place at Rs 44 (US$ 0.63) per share which is 3.2 per cent premium of the market price on 27th December and 12 per cent premium to the 60-day volume-weighted average price (VWAP).
This will trigger an open offer of 26 per cent in Snowman Logistics' shares, sources close to the development commented.
They added, the acquisition was made through APSEZ's wholly owned subsidiary, Adani Logistics. The company has acquired the stake from Snowman Logistics' parent company, Gateway Distriparks.
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