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Adani Ports share price rises on receiving approval for stake buy in Gangavaram Port

The said transaction is expected to be completed within 1 month.

August 25, 2021 / 09:54 AM IST
 
 
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Adani Ports and Special Economic Zone share price rose in the early trade on August 25 after the company received Andhra Pradesh government approval for stake acquisition in Gangavaram Port.

" .... has received letter/order from Andhra Pradesh Maritime Board, intimating the approval of proposal of acquisition of 10.4% stake of Gangavaram Port by the company from Government of Andhra Pradesh," company said in its press release.

The consideration of the deal is Rs 644.78 crore, and the transaction is expected to be completed within a month, the company said.

Gangavaram Port is engaged in the business of handling various types of dry bulk and break bulk cargo.

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Gangavaram Port 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 Rs 1,057 crore.

The acquisition is subject to approvals under applicable laws, including approval of the Competition Commission of India.

The said transaction is expected to be completed within 1 month.

At 09:17 hrs Adani Ports and Special Economic Zone was quoting at Rs 695.80, up Rs 0.90, or 0.13 percent on the BSE.

The share touched a 52-week high of Rs 901 and a 52-week low of Rs 312 on 09 June, 2021 and 24 September, 2020, respectively.

Currently, it is trading 22.77 percent below its 52-week high and 123.01 percent above its 52-week low.
Moneycontrol News
first published: Aug 25, 2021 09:53 am
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