Gateway Distriparks, a provider of port-related logistics support services, today said it has acquired additional 26 per cent stake in its Visakhapatnam-based subsidiary Gateway East India for Rs 4.68 crore.
Gateway Distriparks already had 74 per cent stake in the subsidiary firm, the company said in a filing to the Bombay Stock Exchange.
The company has acquired 11.70 lakh shares of Gateway East India, representing 26 per cent stake at a price of Rs 10 per share, it said.
Post acquisition, Gateway East India has become a wholly-owned subsidiary firm of the company, it further said.
"This acquisition will enable Gateway Distriparks in expanding the scope of its operations and consolidate its presence in the eastern and southern region of India," the company added.
Shares of Gateway Distriparks settled at Rs 59, down 9.2 per cent on the BSE today.