GDL scales record high in anticipation of subsidiary's IPO

Gateway Distriparks galloped 8.08% to Rs 394.50 at 11:18 IST on BSE after an investor requested the company to effect initial public offer (IPO) of its subsidiary.

Meanwhile, the S&P BSE Sensex was up 183.78 points or 0.65% at 28,305.67

On BSE, so far 1.31 lakh shares were traded in the counter as against average daily volume of 1.16 lakh shares in the past one quarter.

The stock hit a record high of Rs 406.70 in intraday trade today, 19 January 2015. The stock hit a low of Rs 369.95 so far during the day. The stock had hit a 52-week low of Rs 124 on 31 January 2014.

The stock had outperformed the market over the past one month till 16 January 2015, rising 14.37% compared with Sensex's 5.01% rise. The scrip had also outperformed the market in past one quarter, advancing 41.75% as against Sensex's 8.16% rise.

The mid-cap logistics company has equity capital of Rs 108.73 crore. Face value per share is Rs 10.

Gateway Distriparks (GDL) on Saturday, 17 January 2015 said that Blackstone GPV Capital Partners (Investor) has sent a letter dated 16 January 2015 to the company (GDL) and the company's subsidiary company - Gateway Rail Freight (GRFL) requesting the company to effect an initial public offer (IPO) of GRFL in accordance with the terms of the Share Subscription & Shareholders Agreement (SSHA) dated 9 November 2009. The company will respond to the request from the investor in due course, GDL said. This will have no impact on the operations or profitability of the company, the company said.

On a consolidated basis, Gateway Distriparks' net profit rose 41.7% to Rs 47.74 crore on 16.1% growth in total income to Rs 295.60 crore in Q2 September 2014 over Q2 September 2013.

Gateway Distriparks (GDL) was incorporated in 1994 to conduct the business of general and bonded warehousing, handling and clearing of sea borne exim cargo in containerised form at Navi Mumbai. Over time, GDL had ventured into other activities in the logistics industry as well. The company operates in three verticals viz. Container Freight Stations (CFS), Inland Container Depots (ICD) with rail movement of containers to major maritime ports, and cold chain storage and logistics.

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