September 25, 2022

The Adani Ports and Particular Financial Zone Ltd. (APSEZ) has concluded the acquisition of the Andhra Pradesh authorities’s 10.40% stake within the Gangavaram Port Restricted (GPL) for a consideration of ₹645 crore.

The merger of GPL with the APSEZ has additionally been permitted, with the GPL’s valuation amounting to ₹120 per share and the APSEZ’s truthful worth being ₹754.80 per share.

This resulted in a swap ratio of 159 shares in APSEZ for 1,000 shares in GPL for 58.10% stake held by D.V.S. Raju and household within the GPL.

The merger is, nonetheless, topic to approval by the Nationwide Firm Legislation Tribunal, and is predicted to be accomplished by March 31, 2022, in keeping with a press launch by the APSEZ.

It was acknowledged that in April final, the APSEZ had acquired a 31.50% stake from Windy Lakeside Funding Ltd., a Warburg Pincus affiliate, and signed an settlement for a controlling stake of 58.10% held by D.V.S. Raju and household.

Publish the merger, D.V.S. Raju and household will obtain roughly 4.80 crore shares, leading to 2.2% stake in APSEZ price ₹3,604 crore. The transaction has been accomplished at an fairness worth of ₹6,200 crore.

GPL is a 64 MMT capability non-major port established beneath concession from the A.P. authorities that extends till 2059. It’s a gateway port for a hinterland that’s unfold over eight States. This acquisition considerably expands APSEZ’s entry to a number of new markets.

As a deep-draft trendy multi-purpose port able to dealing with totally laden tremendous cape measurement vessels of as much as 2,00,000 DWT, GPL handles a various mixture of dry and bulk commodities, together with coal, iron ore, fertilizer, limestone, bauxite, sugar, alumina and metal.

In FY-21, GPL had a cargo quantity of 32.80 MMT, income of ₹1,057 crore, EBITDA of ₹625 crore and PAT of ₹494 crore.

Supply hyperlink