Adani Ports completes Myanmar port sale deal at $30 mn. Shares pare morning loss
Stock market today: Adani Ports and Special Economic Zone Ltd (APSEZ), a flagship Adani group company, has concluded the Myanmar Port sale for a total consideration of $ 30 million. The Adani group announced about the Myanmar port sales in one of its latest exchange communications on Thursday. After this stock market news, Adani Ports share price regained from its early morning losses and turned green, adding 1.50 per cent from its intraday low.
Details of Myanmar port sales deal
Given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on “as is where is” basis. Thereby the buyer and seller have renegotiated the sale consideration to $30 million. The buyer will pay the said amount to the seller within 3 business days on completing all the necessary compliance by the Seller. On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer and its exit will stand concluded.
Commenting on the occasion, Mr. Karan Adani, CEO and Whole-time Director, APSEZ stated “This exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the Risk Committee in October 2021.”
Adani Ports share price
Like, other Adani group shares, Adani Ports share price came under huge sell off stress after the Hindenburg Research report on Adani group of companies, raising concerns over the debt positioning of the group companies. However, after tumbling to ₹395 odd levels from ₹761.20 apiece levels, Adani Ports share price today is ₹675 per share levels on NSE, surging around 70 per cent from its life-time low in the last three months. However, the Adani group share is still more than 30 per cent away from its life time high of ₹987.85 apiece levels on NSE.
Adani Ports news
In Q4FY23, mutual funds and Life Insurance Corporation (LIC) of India has trimmed stake in flagship Adani group company Adani Ports and Special Economic Zone Ltd. As per the share holding pattern of Adani Ports, mutual funds have trimmed their stake in this core business of Gautam Adani-backed company from 4.43 per cent to 3.09 per cent during January to March 2023 quarter. Likewise, LIC cut down its stake in this Adani group company from 9.14 per cent to 9.12 per cent during Q4FY23.
Adani Ports recently said that it handled 32.3 million metric tonnes (mmt) of total cargo in April, 12.8 per cent on year-on-year (YoY) basis.
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