APSEZ shares gain over 3%

New Delhi: Shares of Adani Ports and Special Economic Zone closed with over 3 per cent gain on Thursday after the company said it will acquire 31.5 per cent stake in Gangavaram Port Ltd for Rs 1,954 crore.

Shares of Adani Ports and Special Economic Zone (APSEZ) surged 3.09 per cent to close at Rs 752.10 on BSE. The stock had touched an intra-day high of Rs 765.70. The stock defied the weak broader market sentiment on NSE as well and settled at Rs 751.55, registering a gain of 2.97 per cent. During the day it touched an intra-day high of Rs 765.70.

APSEZ on Wednesday said it is acquiring Windy Lakeside Investment's 31.5 per cent stake in Gangavaram Port Ltd for Rs 1,954 crore. The company also looks to acquire another 58.1 per cent share in GPL, APSEZ said. Gangavaram Port Ltd (GPL) is located in the northern part of Andhra Pradesh next to Vizag Port in Visakhapatnam.

According to the statement, GPL is the second largest non major port in Andhra Pradesh with a 64 MMT (metric million tonne) capacity established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059.