March 5, 2009 / 2:52 PM / in 10 years

Temasek sells bulk of its stake in Gateway Distriparks

Temasek, which holds 6.65% in the firm, has sold a 5.59% stake for Rs 28 crore through open market on the BSE.

Singapore’s state investor Temasek Holdings has exited a major part of its stake in container-freight stations’ operator Gateway Distriparks. Temasek, through its completely owned subsidiary Aranda Investments Mauritius Pte Ltd, has sold a 5.59% stake for Rs 28 crore through open market on the Bombay Stock Exchange. As of December 2008, Temasek through Aranda held a 6.65% in the firm, and will now hold just over 1% stake in the Mumbai-based company.

Temasek had bought the stake in November 2004, just months before the company listed on exchanges. It originally bought a 10% stake for total of Rs 20.48 crore. The stake has fallen due to increase in total equity shares over the years.

This stake sale from Temasek comes at time when it has said its global portfolio has fallen by 31% between March and November last year. That is a fall of $39 billion to $85 billion, where its current global portfolio stands. The firm also recently witnessed a change of guard with Ho Ching stepping down as the Chief Executive and former CEO of BHP Billiton Chip Goodyear replacing her.

Temasek’s investments in India include Bharti Infratel, Tata Teleservices, Mahindra & Mahindra, ICICI Bank, Tata Sky and INX Media.

The stake in Gateway Distriparks has been bought by Sealand Terminals Pvt Ltd, which is a promoter friendly firm, according to this report. Prism International, a promoter group company, has pledged 1.30 crore shares or 12% stake of the company with IL&FS Financial Services as security for a term loan.

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