Moneycontrol Be a Pro
Get App
Last Updated : Jun 11, 2015 08:27 AM IST | Source: PTI

Promoters up stake in Adani Ports to 56.26%

More than 42 percent stake in the company has been acquired by Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Promoters of Adani Ports and Special Economic Zone (APSEZ) have increased their stake in the company to 56.26 percent.


The ten promoters, including Gautam Adani, Rajesh Adani and Adani Properties, have together acquired 56.25 percent equity of the APSEZ, the company said in a filing to the BSE.


These shares were acquired on June 8 pursuant to implementation of the composite scheme of arrangement, which was approved by the Gujarat High Court on May 7.

Close

Earlier, these ten entities held just 0.01 percent stake.


More than 42 percent stake in the company has been acquired by Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani.


In a separate filing, Adani Power said the same 10 promoters have got 58.13 percent in the company post implementation of the composite scheme of arrangement.


Prior to that, they had 6.01 percent shareholding.


Under the restructuring plan, which was announced in January this year, the Adani Group consolidated its ports, power and mining assets into three separately listed firms and list a new company for transmission business.


Meanwhile Standard & Poor's Ratings Services assigned APSEZ 'BBB-' long-term corporate credit rating and said "the outlook is stable."


"We also assigned our 'BBB-' long-term issue rating to the company's proposed issuance of US dollar-denominated senior unsecured notes. The issue rating is subject to our review of the final issuance documentation," it said in a statement.


The rating on APSEZ reflects the company's leading position in India's port sector and strong operating efficiency, Standard & Poor's credit analyst Mehul Sukkawala said.



The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jun 11, 2015 08:24 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant