Gateway Distriparks hits 20% UC

Gateway Distriparks hit the 20% UC at Rs.199.30 today, with volumes going up by some 65 times.

The stock price has jumpe dup today after the company announced that it would be acquiring the entire equity and  compulsorily convertible preference shares stake of Blackstone in its freight company, Gateway Rail Freight.

This is being acquired for Rs.810 crore. Post this acquisition, Gateway Distripark’s stake in Gateway Rail Freight will be at 99.80%.

The acquisition is to be completed within 90 days, subject to statutory and regulatory approvals as may be required.