Post-acquisition of 25% stake, Krishnapatnam Port will become wholly
owned subsidiary of the Company.
Krishnapatnam Port is engaged in the business of handling containers, coal, break bulk and other bulk cargo including liquid cargo.
Krishnapatnam Port is an all-weather, deep water port has multi-cargo
facility with a current capacity of 64 MMTPA. With a waterfront of 20 km
and 6,800 acres of land, Krishnapatnam Port has a master plan
capacity of 300 MMTPA and a 50 year concession.
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Adani Ports & Special Economic Zone rose 1.12% to Rs 756.95 after the company s board approved an allotment of upto 1 crore equity shares to Windy Lakeside Investment on a preferential basis.Windy Lakeside Investment is an affiliate of private equity firm Warburg Pincus. The shares will be issued on a preferential basis at a price of Rs 800 per equity share, aggregating to Rs 800 crore.
Post allotment, Windy Lakeside Investment will hold 1 crore equity shares, constituting 0.49% of the share capital, of Adani Ports. The transaction is subject to the approval of regulatory/statutory authorities and the shareholders of the company.
Further, Adani Ports announced that an extraordinary general meeting (EGM) of the firm s shareholders will be held on April 6 to seek approval for the proposed preferential issue.
At meeting held on 07 March 2021The Board of Adani Ports & Special Economic Zone at its meeting held on 07 March 2021 has approved the issuance, offer and allotment of 1 crore equity shares of Rs 2 each to Windy Lakeside Investment at a price of Rs. 800 per equity share (including premium of Rs 798 per share) aggregating Rs 800 crore.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.) Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credib
Read more about Adani Ports sees 8% growth in cargo volumes in Feb on Business Standard. Similarly, till February 2021, APSEZ handled cargo of 221.26 MMT a growth of 8% onyear on year basis. This includes cargo volume of 16.57 MMT handled at Krishnapatnamport from the date of acquisition i.e. October, 2020
Adani Ports & Special Economic Zone completed the acquisition of 100% stake of Dighi Port (DPL) for Rs 705 crore on 15 February 2021.
DPL, the 12th port to join APSEZ s string of economic gateways across the eastern and
western coast of India would establish the company s footprint in Maharashtra, the
largest contributor to India s GDP. This would enable APSEZ to service customers in Maharashtra which includes the highly industrial areas and development in the Mumbai
& Pune regions.
APSEZ plans to invest over Rs 10,000 crore to develop the port into a multi-cargo port
with world class infrastructure as well as investing in the development of rail & road