Vizag: Adani Ports and Special Economic Zone Ltd (APSEZ) has announced that it has concluded the acquisition of Andhra Pradesh government's stake of 10.4 per cent in Gangavaram Port Limited (GPL) for a consideration of Rs 645 crore.  The Board of both the entities have also approved their (GPL with APSEZ),  amalgamation taking into consideration the former’s valuation of Rs 120 per share and fair value of APSEZ at Rs 754.8 per share, resulting in a swap ratio of 159 shares in APSEZ for 1,000 shares in GPL for the 58.1 per cent stake held by DVS Raju and Family in GPL.

The merger, which has an appointed date of April 1, 2021 and is subject to the approvals by National Company Law Tribunal, is expected to conclude by March 31, 2022, said a statement by APSEZ, India's largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group. Post the merger of GPL and APSEZ, DVS Raju and Family will receive approximately 4.8 crore shares resulting in 2.2 per cent stake in APSEZ worth Rs 3,604 crore.

Earlier, in April 2021, APSEZ had acquired 31.5 per cent from Windy Lakeside Investment Ltd, a Warburg Pincus affiliate, and had signed an agreement for the controlling stake of 58.1 per cent held by DVS Raju and Family.

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