Gammon Infrastructure Projects has acquired 22.8 million shares of Vizag Seaport (VSPL) increasing its stake in the firm to 73.76 per cent and made it a subsidiary of the company.
VSPL owns two berths, handling bulk cargo, at the Visakhapatnam port.
"The company has concluded the purchase of 22.8 million equity shares of Rs 10 each of VSPL from International Port Services, the investment arm of Portia Management Services of the UK," Gammon Infrastructure Projects said in a filing to the Bombay Stock Exchange (BSE) today.
"The shareholding of the company in VSPL stands increased to 73.76 per cent, making VSPL a subsidiary of the company with effect from October 1," it further said.
Shares of Gammon Infra were trading at Rs 95.95, down 2.29 per cent in the afternoon trade on the BSE.
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