Shares of Adani Ports and SEZ Ltd (APSEZ) today climbed over 6 per cent after the company said it will divest almost the entire stake in Australia’s Abbot Point Coal Terminal to the Adani family.

After making a bullish opening, shares of the company further gained 6.46 per cent to Rs 145.80 on the BSE.

At NSE, the scrip was up 6.69 per cent to Rs 145.90.

The Gujarat-based company had acquired a long-term lease of 99 years for Abbot Point Coal Terminal in May 2011 for Australian dollars (AUD) 1.8 billion (about Rs 9,000 crore) in an all-cash deal.

“We are divesting almost 100 per cent share (in Abbot Point Coal Terminal) to the Adani family and will be keeping shares worth USD 1,000 only,” APSEZ’s Chief Financial Officer B. Ravi had said yesterday, adding that valuation is yet to be done.

He said the Abbot Point stake divestment to Adani family will strengthen APSEZ’s balance sheet and it can now focus more on the Indian port sector, where “opportunities are better”.

APSEZ had yesterday posted 12.52 per cent growth in consolidated net profit at Rs 361 crore in the third quarter.

The Adani Group company had reported a net profit of Rs 320.90 crore and net sales of Rs 881.09 crore in the third quarter of FY12.

(This article was published on January 29, 2013)
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