Adani Ports falls 8% on acquisition plan of Adani Agro Logistics

Adani Ports slipped 8.5% to Rs 324 after Adani Logistics said it would be acquiring Adani Agri Logistics from Adani Enterprises in an all-cash deal, at a proposed enterprises value of Rs 1662 crore.

Adani Ports and Special Economic Zone (APSEZ) slipped 8.5 per cent to Rs 324 apiece on the BSE in early morning trade on Monday after Adani Logistics (ALL) on Saturday announced that it would be acquiring Adani Agri Logistics (AALL) from Adani Enterprises (AEL) in an all-cash deal, at a proposed enterprise value of Rs 1,662 crore. The transaction is expected to complete by March 2019.

AALL is a wholly owned subsidiary of the Gautam Adani-led APSEZ. AEL is related party falling under joint control i.e. Adani Group.

The company said the strategic move is in line with