Live
- State Police tried to murder Ravi- Union minister
- FDI flow into India from Gulf countries surges to $24.54 bn in 12 years
- BBL: McSweeney hits fiery 78 to guide Heat to thrilling win after Australia snub
- 'Exceptional case..': Delhi HC orders revision of CLAT-2025 results
- South Korea reports new avian influenza case at regional farm
- US egg prices soar to yearly high amid bird flu, holiday demand
- Ayushman Bharat proving to be boon for people in Gujarat's Kheda
- SEBI takes strict action in front running case, bars 9 entities, seizes over Rs 21 crore (Lead)
- Grand 30th Alumni Reunion at Vattam Jawahar Navodaya Vidyalaya
- Tensions Erupt Outside Allu Arjun's Residence as OU JAC Stages Protest
APSEZ completes acquisition of Gangavaram Port
APSEZ completes acquisition of Gangavaram Port
Adani Ports and Special Economic Zone Ltd (APSEZ) has acquired 10.4 per cent stake of Government of Andhra Pradesh in Gangavaram Port (GPL) with Rs 645 crore.
Hyderabad: Adani Ports and Special Economic Zone Ltd (APSEZ) has acquired 10.4 per cent stake of Government of Andhra Pradesh in Gangavaram Port (GPL) with Rs 645 crore. The boards of both the entities have also approved the merger, taking into consideration GPL's valuation of Rs 120 per share and fair value of APSEZ at Rs 754.8 per share.
This has resulted in a swap ratio of 159 shares in APSEZ for 1,000 shares in GPL for 58.1 per cent stake held by DVS Raju and Family in GPL. Earlier, in April 2021, APSEZ had acquired 31.5 per cent from Windy Lakeside Investment Ltd, a Warburg Pincus affiliate, and had signed an agreement for controlling stake of 58.1 per cent held by DVS Raju and Family.
Post the merger of GPL and APSEZ, DVS Raju and family will receive about 4.8 crore shares resulting in 2.2 per cent stake in APSEZ worth Rs 3,604 crore. GPL is debt free with strong growth potential as part of the APSEZ portfolio. Transaction has been completed at an equity value of Rs 6,200 crore. GPL is a 64 MMT capacity non-major port established under concession from AP government that extends till 2059.
"We are committed to accelerating the industrialization of Andhra Pradesh," said Karan Adani, CEO and Whole Time Director of APSEZ. "The network of ports that we continue to build allows us to create an integrated mesh of logistics capabilities to deliver an unmatched set of services to our customers. Gangavaram is a major part of this mesh in one of India's fastest growing States."
