Gateway Distriparks (GDL), which holds 74% equity in its unlisted subsidiary company Gateway East India (GEIPL), Visakhapatnam, has acquired the balance 26% equity from the other shareholders in GEIPL.
With this acquisition, GEIPL has become a wholly owned subsidiary company of GDL. GDL has paid a consideration of Rs 46.8 million to acquire 11.70 lakh equity shares of face value of Rs 10 each in GEIPL, constituting 26% of its paid up equity capital.
This acquisition will enable GDL in expanding the scope of its operations and consolidate its presence in the eastern and southern region of India.
Source: My Iris