Gateway Distriparks hits new high on hopes of Gateway Rail Freight IPO

Gateway Distriparks stocks has surged 10% to Rs 400 on the National Stock Exchange

Gateway Distriparksमुंबई Mumbai: Gateway Distriparks has surged 10% to Rs 400 on National Stock Exchange (NSE) after Blackstone GPV Capital Partners requested the company to effect initial public offer (IPO) of Gateway Rail Freight Limited.

“Blackstone GPV Capital Partners (Investor) have sent a letter dated January 16, 2015 to the company and the company’s subsidiary company – Gateway Rail Freight Limited (GRFL) requesting the company to effect an IPO of GRFL in accordance with the terms of the Share Subscription & Shareholders Agreement (SSHA) dated November 09, 2009,” Gateway Distriparks said in a BSE filing.

The company will respond to the request from the investor in due course. This will have no impact on the operations or profitability of the company, it added.

In November 2009, Blackstone Group announced the acquisition of a 37.5% stake for Rs 300 crore in Gateway Rail Freight.

The stock opened at Rs 369 and touched a record high of Rs 407 on NSE. The counter has seen huge trading volumes with a combined 648,450 shares changed hands till 1010 hours on NSE and BSE.