Gateway Distriparks Ltd. and its subsidiary Snowman Logistics Ltd. (SLL) executed a Share Subscription Agreement with the Norwest venture Partners VII-A-Mauritius (NVP), pursuant to which NVP will invest around Rs.60 crore in SSL by subscription to SLL's equity shares.
Simultaneously, Gateway Distriparks, SLL, NVP, International Financial Corporation (IFC), Mitsubishi Corporation (MC), Mitsubishi Logistics Corporation (MLC), and Nichirei Logistics Group Inc. have entered into a Shareholders Agreement governing the management of the company and the rights of the shareholders, the company said.
Further, Gateway Distriparks has executed a Share Purchase Agreement with IFC to acquire around five percent of (Pre-NVP investment) of IFC's stake in SLL (Acquisition) for around Rs.18 crore.
Post investment by NVP and the acquisition, SLL will continue to be the subsidiary of Gateway Distriparks and NVP's holding in SLL will be around 14 percent, it added.
At the BSE, Gateway Distriparks shares are currently trading at Rs.116.35, up 0.30 percent from the previous close.
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