Adani Ports receives NCLT approval to acquire 58.1% in Gangavaram Port

Deal to be a share swap, with issuance of 47.7 million APSEZ shares to the erstwhile GPL promoters; post-transaction, GPL will become a fully-owned subsidiary of APSEZ

Adani Ports and Special Economic Zone Ltd (APSEZ) has received approvals from the National Company Law Tribunals at Ahmedabad and Hyderabad for acquiring 58.1 per cent stake in Gangavaram Port Ltd (GPL) through the composite scheme of arrangement. With this stake purchase, GPL will become a fully-owned subsidiary of APSEZ.

The acquisition of the stake from D V S Raju and family will be a share swap, with 47.7 million APSEZ shares being issued to the erstwhile GPL promoters. The acquisition of GPL is priced at around Rs 6,200 crore (517 million shares at Rs 120 each).

“The transaction implies