APSEZ buys 10.4% stake in GPL from Andhra Pradesh govt for Rs 645 crore

#Andhra Pradesh, #APSEZ, #Business, #Companies, #GPL

The amount to be disbursed by NHAI would provide a liquidity breather for the projects.

Adani Ports and Special Economic Zone (APSEZ) on Wednesday said it has acquired Andhra Pradesh government’s 10.4 percent stake in Gangavaram Port Limited (GPL) for Rs 644.78 crore.

GPL is located in the northern part of Andhra Pradesh next to the Vizag port.

“We would like to inform that the company has signed the appropriate transaction documents and simultaneously completed the acquisition of 10.4 percent stake of Gangavaram Port Limited from Government of Andhra Pradesh,” APSEZ said in a regulatory filing.

Further, the company said it has paid Rs 644.78 crore for the 10.4 percent stake.     APSEZ said the acquisition is in line with its 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.

The company is the country’s largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group.

Competition Commission of India (CCI) gave its nod for the deal on September 20.

GPL was incorporated on September 27, 2001 and is into handling various types of dry bulk and break bulk cargo.

The boards of APSEZ and GPL have also approved merging GPL with APSEZ. It takes into consideration GPL’s valuation of Rs 120 per share and fair value of APSEZ at Rs 754.8 per share. This will result in a swap ratio of 159 shares in APSEZ for 1,000 shares in GPL for 58.1 percent stake held by DVS Raju and Family in GPL, according to a statement.

As per the statement, post the merger of GPL and APSEZ, DVS Raju and family will receive around 4.8 crore shares resulting in a 2.2 percent stake in APSEZ worth Rs 3,604 crore.

The merger, subject to NCLT approvals, is expected to conclude by March 31, 2022, the statement issued by APSEZ said.

In April 2021, APSEZ had acquired 31.5 percent from Windy Lakeside Investment Ltd, a Warburg Pincus affiliate, and had signed an agreement for controlling stake of 58.1 percent held by DVS Raju and Family.

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