Gateway Distriparks hits 52-week low after failing to pay Blackstone

The stock down 5% to Rs 123 after the company said it has failed to pay the balance payment to global private equity major Blackstone, due to un-contemplated events arising in the debt market.

Shares of Gateway Distriparks (GDL) hit a 52-week low of Rs 123 apiece, down 5% on BSE, after the company said it has failed to pay the balance payment to global private equity major Blackstone.

“Due to un-contemplated events arising in the debt market, GDL could not raise the required funds before the due date of 28 December 2018 to make the balance payment of Rs 560 crore plus compensation at15% per annum from 28 September 2018 to 28 December 2018,” the company said in a regulatory filing.

Discussions are on to complete the transaction. In addition, Blackstone