Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ), India's largest private Ports & Logistics company and the flagship transportation arm of the diversified Adani Group, has concluded acquisition of Andhra government's stake of 10.4 per cent with a consideration of Rs 645 crore.
The boards of APSEZ and Gangavaram Port Ltd (GPL )have also approved the merger of GPL with APSEZ taking into consideration GPL's 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 for 1,000 shares in GPL for 58.1 per cent stake held by DVS Raju and Family in GPL.
The merger, which has an appointed date of 1 April 2021 and is subject to NCLT approvals, is expected to conclude by 31 March 2022.
Earlier, in April 2021, APSEZ had acquired 31.5 per cent from Windy Lakeside InvestmentLtd, a Warburg Pincus affiliate, and had signed an agreement for controlling stake of 58.1 per cent held by DVS Raju and Family. Post the merger of GPL and APSEZ, DVS Raju and family will receive approx. 4.8 crore shares resulting in 2.2 per cent stake in APSEZ worth Rs 3,604 crore.
GPL is debt free with strong growth potential as part of the APSEZ portfolio. Transaction has been completed at an equity value of Rs 6,200 crores.