Adani Ports gains on getting NCLT approvals to acquire remaining 58.1% stake in Gangavaram Port
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Adani Ports and Special Economic Zone is currently trading at Rs. 815.80, up by 7.95 points or 0.98% from its previous closing of Rs. 807.85 on the BSE.
The scrip opened at Rs. 814.90 and has touched a high and low of Rs. 820.00 and Rs. 812.55 respectively. So far 688030 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 987.90 on 20-Sep-2022 and a 52 week low of Rs. 652.05 on 24-Feb-2022.
Last one week high and low of the scrip stood at Rs. 835.00 and Rs. 799.30 respectively. The current market cap of the company is Rs. 170648.07 crore.
The promoters holding in the company stood at 66.02%, while Institutions and Non-Institutions held 29.30% and 4.65% respectively.
Adani Ports and Special Economic Zones (APSEZ) has received approvals from NCLT Ahmedabad and NCLT Hyderabad for acquiring the remaining 58.1 per cent stake in Gangavaram Port (GPL) through the composite scheme of arrangement. With the acquisition of the remaining 58.1 per cent stake, APSEZ will own 100 per cent of Gangavaram Port and this stake purchase is through a share swap arrangement.
The acquisition of GPL is priced at around Rs 6,200 crore (517 million shares at the rate of Rs 120/share). APSEZ has already acquired 31.5 per cent stake in the company from Warburg Pincus and another 10.4 per cent from the government of Andhra Pradesh during 2021-22. The acquisition of 58.1 per cent stake from DVS Raju & family will be through a share-swap arrangement and will result in issuance of around 47.7 million APSEZ shares to the erstwhile GPL promoters.
Adani Ports and Special Economic Zone, a part of globally diversified Adani Group, is the largest integrated logistics player in India.
