Adani Ports stock jumps 2% as Adani Krishnapatnam Port to acquire 100% of Seabird Distriparks for Rs19.22cr

31 Jan 2022 , 10:30 AM

Adani Ports and Special Economic Zone (APSEZ) backed wholly-owned subsidiary Adani Krishnapatnam Port has signed Share Purchase Agreement on January 28, 2022 with Seabird Marine Services Private Limited, to acquire 100% stake of Seabird Distriparks (Krishnapatnam) Private Limited (“Seabird Distriparks”).

Seabird Distriparks is engaged in the business of owning, operating and maintaining Container Freight Station, which are facilities set up for the purpose of in-transit container handling, examination, assessment of cargo with respect to customs clearances, both export and import.

In its regulatory filing, Adani Ports said that the investment is in line with Company’s strategy to increase its footprint in Andhra Pradesh. Adding, the company said that "investment will allow Krishnapatnam Port provide value-added services to its customer at the Port."

The transaction is for a consideration of Rs19.22cr subject to closing adjustments. The transaction is expected to be completed within 15 days.

At around 10.20 AM, Adani Ports was trading at Rs722.45 per piece higher by 1.8% on Sensex. The stock was near the day's high of Rs723.80 per piece on BSE.