Gateway Distriparks relists as newly merged entity on BSE, NSE
The company completed its group amalgamation activities in December 2021.
The integrated inter-modal logistics facilitator Gateway Distriparks (GDL) today announced its relisting as a newly merged entity under the same name on BSE and NSE, effective with the opening of trading on March 22, 2022.
The company completed its group amalgamation activities in December 2021. The three group companies - Gateway Distriparks Ltd., Gateway Rail Freight Ltd and Gateway East India Pvt. Ltd. have all merged into a single entity. For every one share of the erstwhile company, shareholders have received four shares of the newly merged company.
The stock on BSE, which opened at ₹72.95, moved between a low of ₹69.35 and high of ₹76.55, before closing with a gain at ₹74.65, while the number of shares traded was 10.96 lakh. On NSE, the stock opened at ₹68.95 and closed at ₹72.35 with 1,11,351 shares traded.
Prem Kishan Das Gupta, chairman & managing director, said, "This merger will enhance the value for the shareholders of the merged company, as a strong balance sheet with combined assets and cash flows will not only reduce the debt, but the company will also have cash available for expansion in new rail terminals. Going ahead, with the development of dedicated freight corridors across the country, a higher share of cargo will be carried over rail which will be more efficient and help India achieve its sustainability targets, in which Gateway Distriparks will play a major role."
In February, the logistics player had announced its financial results for the October to December quarter of the current financial year with 44 percent YoY surge in profit after tax to ₹47.92 crore in the December 2021 quarter. The total income was ₹356.04 crore, an YoY increase of 12.6 percent.
The combined entity now owns 9 inland container depots and container freight stations across the country, and provides rail & road transportation with 31 train sets, over 500 trailers, supported by over 1.2 million square feet of warehousing space.