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ICICI Securities Report
Gateway Distriparks Ltd. board has approved -
- amalgamation of Gateway East India Pvt. with Gateway Distriparks, and
- amalgamation of Gateway Distriparks (post-merger with GEI) with Gateway Rail Freight Ltd.
For amalgamation of Gateway East India with Gateway Distriparks, no consideration will be given to the shareholders of Gateway East India since it is a wholly-owned subsidiary of Gateway Distriparks.
For amalgamation of Gateway Distriparks with Gateway Rail Freight, the shareholders of Gateway Distriparks will receive equity shares of GRFL in the ratio 1:4.
GRFL will get listed and Gateway Distriparks will cease to exist.
The company holds 99.85% stake in GRFL. Promoter shareholding remains largely unchanged post the scheme at 32.12%.
Amalgamation into GRFL was expected on account of the existing category-I Rail licence being in the name of GRFL.
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