Vizag: Adani Ports and Special Economic Zone Ltd (APSEZ) has announced that it has acquired Andhra Pradesh government’s 10.4 per cent stake in Gangavaram Port Ltd (GPL) for Rs 645 crore. The Boards of both the entities have approved their amalgamation (GPL with APSEZ), taking into account the prior valuation of Rs 120 per share and fair value of APSEZ at Rs 754.8 per share, resulting in a swap ratio of 159 shares in APSEZ Is. 1,000 shares in GPL for DVS Raju & Family’s 58.1 percent stake in GPL.
The merger, whose due date is April 1, 2021 and is subject to approval by the National Company Law Tribunal, is expected to conclude by March 31, 2022, said a statement by India’s largest private ports and logistics company APSEZ. The flagship transportation arm of the diversified Adani Group. After the merger of GPL and APSEZ, DVS Raju and family will receive around 4.8 crore shares, resulting in a 2.2 per cent stake in APSEZ for Rs 3,604 crore.
Earlier, in April 2021, APSEZ had acquired 31.5 per cent from Windy Lakeside Investment Ltd, an affiliate of Warburg Pincus, and signed an agreement for a controlling stake of 58.1 per cent held by DVS Raju and family.