The shares of Adani Ports and Special Economic Zone Ltd (APSEZ) were trading higher on Wednesday after the company received approval of its proposal to acquire 10.4 per cent stake of Gangavaram Port from the Andhra Pradesh government.
At 10:08 am, Adani Ports was trading at ₹708.85 on the BSE, up ₹13.95 or 2.01 per cent. It had opened at ₹700 as against the previous close of ₹694.90. It hit an intraday high of ₹715 and a low of ₹695.80.
On the NSE, it was trading at ₹709.55, up ₹14.15 or 2.03 per cent.
The company informed the exchanges on Tuesday that it had received the letter/order from Andhra Pradesh Maritime Board dated 23rd August, 2021 received on 24th August, 2021 intimating the approval of proposal of acquisition of 10.4 per cent stake of GPL by the company from Government of Andhra Pradesh.
GPL is a multi-cargo facility and handled 32.81 MMT of cargo in FY21. It has a capacity of 64 MMT. The operational revenue for financial year 2020-21 was ₹1,057 crore.
The consideration for the proposed acquisition of the 10.4 per cent equity stake of GPL is ₹644.78 crore.
“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 and Southern India,” it said.