Singapore-based KSP Logistics, one of the promoters of Bangalore-based logistics firm Gateway Distriparks, has divested its entire 3.38 per cent stake in the company for around Rs 123 crore (approximately $19.4 million) through an open market transaction, according to the bulk deal data on the BSE.
With the stake sale, KSP Logistics has completely exited Gateway Distriparks.
The company has sold 3.67 million equity shares, comprising 3.38 per cent stake, in Gatway Distriparks at a price of Rs 335.01 per share. Singapore-based hedge fund Amansa Holdings Pvt Ltd picked the stake at a price of Rs 334.96 for Rs 123 crore (approximately $19.4 million), the data showed.
Amansa Capital, which invests through Amansa Holdings, is a fund management company based in Singapore founded by Akash Prakash. It focuses on midcap firms in India and its portfolio includes Eicher Motors, DB Corp, Whirlpool, Greaves Cotton, Blue Star and Edelweiss Capital.
Incorporated in 1994, Gateway Distriparks started with the business of general and bonded warehousing, handling and clearing of seaborne exim cargo. It has also ventured into other activities including logistics.
The firm has three verticals named Container Freight Stations (CFS), Inland Container Depots (ICD) with rail movement of containers to major maritime ports, and Cold Chain Storage and Logistics. Gateway Distriparks operates two Container Freight Stations at Navi Mumbai, one at Chennai and one at Visakhapatnam.
Recently, its cold chain unit Snowman Logistics Limited got listed on the stock exchanges. Gateway Distriparks is the largest shareholder with 40.4 per cent stake in Snowman that was reduced from 54.04 per cent through public issue of 42 million equity shares opened during August 26-28.
Snowman Logistics is a cold supply chain company with a nationwide presence connecting more than 100 cities and distributing to more than 4,400 outlets.
(Edited by Joby Puthuparampil Johnson)