Subhkam Ventures and Enam Securities-backed Aqua Logistics Ltd is acquiring Nikkos Logistics Pvt Ltd for an undisclosed amount, in its fifth transaction since going public in February, 2010. Bangalore-based Nikkos is in the business of logistics services for both human and cargo, by land, sea, air or by other means. The company also provides supply chain management services.
Aqua Logistics said on Tuesday that it would acquire up to 70 per cent stake in Nikkos over a period of time. Aqua Logistics stock moved up 1.68 per cent to close at 18.15 at BSE.
Two months ago, the firm had raised $62.3 million through a GDR issue where the securities are listed on the Luxembourg Stock Exchange. This had led to a significant 31.5 per cent dilution of shareholding of existing investors and HT Media, one of its pre-IPO ad-for-equity investor, slipped out of the list of investors holding over 1 per cent stake in the company.
Aqua has been on an acquisition drive, consolidating its position in the active logistics market in India. Last September, it acquired Chennai-based logistics and warehousing firm Star Distribution Logistics Pvt Ltd for $2 million. This deal also had an escalation buy-out clause where Aqua initially purchased 40 per cent stake, with an option to raise it by another 20 per cent by 2012.
Soon after its debut on the stock market, Aqua had snapped three Hong Kong-based small-size logistics companies. Its top management also indicated that the company was planning to buy a string of firms in Thailand, Vietnam, Singapore and Indonesia that would make it an integrated logistics firm with a strategic South East Asian presence. These deals are expected to be funded out of the money raised through the GDR.