In the past two months, Gateway Distriparks has been witness to major stake sales by one of its directors and one of its shareholding companies. According to sources, more stake sales are expected from the company’s top management.
Gateway Distriparks Ltd may be all set for yet another stake sale, this time from its own promoters. According to sources, a number of Gateway's shareholders, particularly those based out of Singapore, are also keen on exiting the company.
Gopinath Pillai, chairman, Gateway Distriparks Ltd and Satpal Khattar, director, Gateway Distriparks Ltd, are two of the prominent names who might be looking to offload their holdings. "Some of the Gateway promoters are looking for a stake sale. Their shareholders, particularly those based out of Singapore, want to quit.
Gopinath Pillai and Satpal Khattar are among the ones planning to quit," said a source who did not want to be named.
As on 31 March 2010, Gopinath Pillai held around 7,16,000 shares, or around 0.67% stake. Satpal Khattar holds around 3,300,000 shares, or around 3% stake. In a disclosure dated 13 May 2010, made on the Bombay Stock Exchange (BSE) website, the company stated that Mr Pillai's shareholding in the company had increased to 0.69% through market purchases. Mr Pillai is also the chairman of Windmill International Pte. Ltd, which holds a 5.07% stake in Gateway Distriparks.
In the past two months, Gateway Distriparks has witnessed stake sales by one of its directors, Saroosh Dinshaw, and by one of its shareholding companies, Thakral Corporation Ltd.
On 18 May 2010, the company, in its disclosure on the BSE website, states: "Thakral Corporation Ltd, which held 7.74% stake in the company, had offloaded its entire stake through market sale". Then again on 1June 2010, the company reported to the BSE that Saroosh Dinshaw, director, had offloaded 0.06% shares through market sale.
This is not the first time the company has witnessed major stake sales. In March 2009, Temasek, which held 6.65% in the company, had offloaded around 5.59 % stake through open market on BSE.
Later in November 2009, Gateway Distriparks raised around Rs300 crore through a stake sale in its subsidiary company, Gateway Rail Freight Ltd, to Blackstone Group.
An email inquiry sent to the concerned official at Gateway Distriparks last week, remained unanswered. "We would be unable to respond as we are busy and need to discuss it with other officials," said the concerned official over the telephone. An email sent to group chairman Gopinath Pillai's office today, remained unanswered till the time of writing the story.
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