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Shares of Adani Ports and Special Economic Zone on Tuesday gained nearly 5 per cent after the company said it will acquire a controlling interest in Gangavaram Port Ltd from DVS Raju and family for Rs 3,604 crore.
The stock jumped 4.67 per cent to Rs 755.35 on BSE. On NSE, it rose by 4.58 per cent to Rs 755.
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Gangavaram port is Adani’s most expensive acquisition by equity value
Pays ₹5,558 crore for 89.6% stake, eclipsing Krishnapatnam dealAdani Ports and Special Economic Zone (APSEZ) is acquiring the 58.1 per cent stake held by DVS Raju and family in Gangavaram Port Ltd (GPL), the company said in a statement.
The acquisition is valued at Rs 3,604 crore.
APSEZ had announced acquisition of Warburg Pincus' 31.5 per cent stake in GPL on March 3, 2021, and together with this acquisition, APSEZ would have 89.6 per cent stake in GPL.
GPL is located in the northern part of Andhra Pradesh next to Vizag Port.
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