Gateway Distriparks gains over 4 percent on rail unit IPO plan

MUMBAI (Reuters) - Gateway Distriparks gained more than 4 percent in opening trade after Reuters reported on Tuesday that the logistics firm is aiming to list its rail unit.

Gateway Distriparks plans to list Gateway Rail Freight, valued by analysts at nearly $500 million, by the end of the current financial year in March 2016, two sources directly involved in the process said.

In order to maintain its majority stake after the IPO, Gateway Distriparks is in talks with Blackstone to buy back a five to seven percent stake in the unit, the sources added.

(Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)