Adani Ports and Special Economic Zone (APSEZ) rose 1.59% to Rs 637.80 after the company said it completed the acquisition of Maharashtra-based Dighi Port.
The company said that in accordance with the approved Resolution Plan, Dighi Port ("Dighi") has allotted 10 lakh equity shares for cash at total consideration of Rs 1 crore to APSEZ on 15 February 2021. Pursuant to this, APSEZ will hold 100% equity share capital of Dighi.
Further, APSEZ has paid Rs 650 crore to financial creditors and approximately Rs 55 crore towards CIRP cost and other payments.
Incorporated on 27 July 2000, Dighi is located on the banks of Rajapuri Creek in the Raigad district of Maharashtra. It is a minor port established under the 50-year concession from the MMB starting March 2002. Concession permits the handling of all types of cargo including liquid & containers.
On 5 March 2020, the National Company Law Tribunal, Mumbai Bench had approved the Resolution Plan submitted by APSEZ for acquisition of Dighi Port under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016.
APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India. On a consolidated basis, APSEZ posted a 16.23% increase in net profit to Rs 1576.53 crore on 11.59% rise in total income to Rs 4274.49 crore in Q3 FY21 over Q3 FY20.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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