Companies

Snowman Logistics open offer begins from February 18

PTI Mumbai | Updated on January 11, 2020 Published on January 11, 2020

Additional 26% stake buy by Adani Logistics at ₹44 a share

Snowman Logistics, which is being acquired by billionaire Gautam Adani’s logistics arm Adani Logistics, on Friday announced the opening of the open offer from February 18.

The open offer for additional 26 per cent stake of over 4.34 crore equity shares at ₹44 a share, will close on March 4, Snowman said in an exchange filing.

Last December, Adani Logistics (ALL) said it has signed a definitive agreement to acquire 40.25 per cent stake in Snowman Logistics from Gateway Distriparks for ₹crore.

This acquisition marks Adani Logistics’ foray into the cold-chain logistics segment and gives access to Snowman’s pan-India presence at 31 warehouses located in 15 cities.

Snowman Logistics owns 293 refrigerated vehicles, or reefers, and 31 temperature-controlled warehouses at 15 locations across the country. It has a total warehousing capacity of 1,04,343 pallets.

Shares of Snowman Logistics on Friday closed 0.35 per cent down at Rs 42.50 on the BSE, compared with the benchmark index’s overall gain of 0.36 per cent.

Published on January 11, 2020
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