Snowman Logistics announces opening of open offer on stake buy by Adani Logistics

Snowman Logistics, which is being acquired by billionaire Gautam Adani's logistics arm Adani Logistics, on Friday announced the opening of the open offer from February 18.

The open offer for additional 26 per cent stake of over 4.34 crore equity shares at Rs 44 a share, will close on March 4, Snowman said in an exchange filing.

Last December, Adani Logistics (ALL) said it has signed a definitive agreement to acquire 40.25 per cent stake in Snowman Logistics from Gateway Distriparks for Rs 296 crore.

This acquisition marks Adani Logistics' foray into the cold-chain logistics segment and gives access to Snowman's pan-India presence at 31 warehouses located in 15 cities.

Snowman Logistics owns 293 refrigerated vehicles, or reefers, and 31 temperature-controlled warehouses at 15 locations across the country. It has a total warehousing capacity of 1,04,343 pallets.

Shares of Snowman Logistics on Friday closed 0.35 per cent down at Rs 42.50 apiece on the BSE, compared with the benchmark index's overall gain of 0.36 per cent.