Adani Ports jumps over 2 per cent on acquiring 31.5 per cent stake in GPL
India’s largest private ports & logistics company and a key subsidiary of the diversified Adani Group, Adani Ports & Special Economic Zone Ltd (APSEZ) announced on Wednesday after the market hours that the company is acquiring 31.5 per cent in Gangavaram Port Limited (GPL), which was previously held by Windy Lakeside Investment Limited.
Reacting to the news on Thursday, the stock traded 2.78 per cent higher during the early trading session on BSE.
Adani Ports is acquiring approximately 16.3 crore shares (31.5 per cent) at Rs 120 per share. The acquisition, amounting to Rs 1,954 crore, is subject to regulatory approvals. This is a strategic acquisition as the location of GPL in the north of Andhra Pradesh complements the company’s recent acquisition of the Port of Krishnapatnam that serves the south of AP. With this acquisition, APSEZ has expanded its market share to 30 per cent across 12 locations in the country.
Adani Ports is also in talks with DVS Raju & Family for their 58.1 per cent stake, which is approximately 30 crore shares in GPL.
At 11.12 am on Thursday, its share was trading at Rs 748.60, 2.61 per cent higher than its previous close of Rs 729.55. The share recorded an intraday high and an intraday low of Rs 750.90 and Rs 715.75, respectively on BSE.