Adani ports shares gain over 2%
Shares of Adani Ports and Special Economic Zone on Tuesday closed with a gain of over 2 per cent after the company said it will acquire controlling interest in Gangavaram Port Ltd from DVS Raju and family for Rs 3,604 crore.
Now, Adani owns 100% stake in Krishnapatnam Port
New Delhi: Shares of Adani Ports and Special Economic Zone on Tuesday closed with a gain of over 2 per cent after the company said it will acquire controlling interest in Gangavaram Port Ltd from DVS Raju and family for Rs 3,604 crore. The stock, which jumped 4.67 per cent to Rs 755.35 during the day on the BSE, later closed at Rs 738.20, a gain of 2.30 per cent.
On the NSE, it rose by 2 per cent to close at Rs 737. In traded volume terms, 11.74 lakh shares were traded at the BSE and over 3 crore units at the NSE during the day. Adani Ports and Special Economic Zone (APSEZ) is acquiring the 58.1 per cent stake held by DVS Raju and family in Gangavaram Port Limited (GPL), the company said in a statement.
The acquisition is valued at Rs 3,604 crore. APSEZ had announced acquisition of Warburg Pincus' 31.5 per cent stake in GPL on March 3, 2021, and together with this acquisition, APSEZ would have 89.6 per cent stake in GPL. GPL is located in the northern part of Andhra Pradesh next to Vizag Port.