Adani Ports shines on inking pact to acquire marine services firm Ocean Sparkle

Adani Ports and Special Economic Zone is currently trading at Rs. 883.90, up by 33.90 points or 3.99% from its previous closing of Rs. 850.00 on the BSE.

Adani Ports
Adani Ports

The scrip opened at Rs. 854.00 and has touched a high and low of Rs. 885.00 and Rs. 841.00 respectively. So far 568843 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 901.00 on 09-Jun-2021 and a 52 week low of Rs. 638.00 on 18-Jun-2021.

Last one week high and low of the scrip stood at Rs. 858.75 and Rs. 808.00 respectively. The current market cap of the company is Rs. 186216.26 crore.

The promoters holding in the company stood at 65.55%, while Institutions and Non-Institutions held 29.61% and 4.84% respectively.

Adani Ports and Special Economic Zone through its subsidiary — The Adani Harbour Services (TAHSL) has entered into a definitive agreement for acquisition of 100% stake in Ocean Sparkle (OSL), India’s leading third party marine services provider.

Key activities carried by the OSL include towage, pilotage, and dredging. With an asset base of 94 owned vessels and 13 third-party owned vessels, OSL is a market leader. OSL is valued at an enterprise value of Rs 1,700 crore with Rs 300 crore of free cash in the company.

This acquisition not only provides the company with a significant share of India’s marine services market but also provides us with a platform for building a presence in other countries.

Adani Ports and Special Economic Zone, a part of globally diversified Adani Group, is the largest integrated logistics player in India.

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