Gateway Distriparks Gains on Rail Unit IPO Buzz

Mumbai: Gateway Distriparks gained more than 4 per cent 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.