The proposed sale of entire 40.25 percent stake of Gateway Distriparks in Snowman Logistics to Adani Logistics has been called off due to repudiation of the agreement by the acquirer, according to a regulatory filing.

Snowman Logistics is the cold chain unit of Gateway Distriparks Ltd.

"The condition for completion of transaction by 31 March 2020 was not met by the acquirer, and the seller has notified the acquirer and the company that the agreement is not in force due to repudiation of the agreement by the acquirer," Gateway Distriparks said in a BSE filing.

Last year, Adani Logistics had said it has signed a definitive agreement to acquire 40.25 per cent stake in Snowman Logistics from Gateway Distriparks for Rs 296 crore.

Shares of Gateway Distriparks were trading at Rs 85.70 apiece on the BSE, down 1.78 percent.

First Published:May 11, 2020 2:55 PM IST