Gateway Distriparks (GDL), the promoter of Gateway Rail Freight (GRFL), has offered Rs 6 billion to purchase the equity securities held by Blackstone GPV Capital Partners in GRFL.
The company said, 'This amount is twice the amount invested by them in August 2010. This is as per the terms of the agreement between the parties.'
'The investor has the option to either accept or reject the offer within a period of 30 days,' it added.
Earlier this year, the company said it will sell shares of its subsidiary Gateway Rail via an initial public offering (IPO) in response to a notice received from Blackstone GPV Capital Partners that the firm will initiate steps necessary for the IPO.
Shares of the company declined Rs 6.7, or 2.04%, to trade at Rs 322.15. The total volume of shares traded was 21,651 at the BSE (2.50 p.m., Tuesday).