Stocks

Adani group acquires 40% stake in Snowman

| Updated on December 27, 2019 Published on December 27, 2019

 

Adani Logistics has acquired a majority stake in Snowman Logistics for ₹296 crore, marking its foray into cold-chain logistics. Adani Logistics, a wholly owned subsidiary of Adani Ports and SEZ Ltd, has signed an agreement to acquire 40.25 per cent stake or 6.72 crore shares in Snowman Logistics from Gateway Distriparks, at ₹44 a share. This would trigger a mandatory open offer to the shareholders of Snowman Logistics. Shares of Gateway Distriparks and Snowman will remain in focus.

Published on December 27, 2019
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