Adani group sells a part of its stake in Snowman Logistics

Adani Logistics Ltd, a part of the diversified Adani group, has sold almost a fourth of its stake in Snowman Logistics Ltd. Adani Logistics had acquired the stake through an open offer it had initiated in March at ₹44 apiece in a failed attempt to take promoter stake in Snowman.

Adani Logistics sold nearly 12.7 million shares or a 7.61% stake in Snowman between 27 November and 14 December, as per data from the exchanges. These were sold at an average price of ₹59.21 a share, totalling nearly ₹75 crore. Adani now has 30.7 million shares or a 18.39% stake in Snowman.