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Adani Ports and SEZ Ltd (APSEZ) has ventured into cold chain logistics business by acquiring a 40.25 per cent stake in Bengaluru-based Snowman Logistics for Rs 296 crore.
The price of the deal was at Rs 44 per share, a 3.2 per cent premium to the market price of December 27, and a 12 per cent premium to the 60-day volume-weighted average price (VWAP).
This will trigger an open offer of 26 per cent in Snowman Logistics’ shares, sources close to the development told BusinessLine .
The acquisition was made through APSEZ’s wholly-owned subsidiary, Adani Logistics. The company has acquired the stake from Snowman Logistics’ parent company, Gateway Distriparks, they added.
Also read: Adani Ports unveils ‘Mundra-like’ ambitions for Dhamra port
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