Monday , September 27 2021

Adani Ports trades higher on getting nod to acquire 10.4% stake in Gangavaram Port

Adani Ports and Special Economic Zone is currently trading at Rs. 707.70, up by 12.80 points or 1.84% from its previous closing of Rs. 694.90 on the BSE.

The scrip opened at Rs. 700.00 and has touched a high and low of Rs. 715.00 and Rs. 695.80 respectively. So far 143458 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. 312.00 on 24-Sep-2020.

Last one week high and low of the scrip stood at Rs. 708.10 and Rs. 665.00 respectively. The current market cap of the company is Rs. 144433.52 crore.

The promoters holding in the company stood at 63.79%, while Institutions and Non-Institutions held 30.59% and 5.62% respectively.

Adani Ports and Special Economic Zone (APSEZ) has received an approval for proposal of acquisition of 10.4% stake of Gangavaram Port (GPL) from Government of Andhra Pradesh. The acquisition is in line with Company’s strategy of East Coast to West Coast parity and will provide an access to growth from new hinterland markets as it has coverage in resource rich and industrial belt in Eastern, Central & Southern India.

The transaction is expected to be completed within 1 month. The consideration for proposed acquisition of 10.4% equity stake of GPL is Rs 644.78 crore.

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

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