stock market today: Adani Ports and Special Economic Zone Limited (APSEZ), a flagship company of the Adani Group, has concluded the Myanmar Port sale for an aggregate consideration of $30 million. Adani Group in its latest exchange communication on Thursday announced about the sale of Myanmar Port. Following this stock market news, Adani Ports share price recovered from its morning losses and turned in the green by up 1.50 per cent from its intraday low.
Details of Myanmar Port Sale Deal
In view of the persistent delay in the approval process and challenges in completion of certain CPs, APSEZ has obtained an independent appraisal on “as is where is” basis. Thereby, the buyer and seller have renegotiated the sale for $30 million. The buyer shall pay the said amount. Amount to the seller within 3 business days on completion of all necessary compliances by the seller. On receipt of the total transaction value, APSEZ will transfer the equity to the buyer and the exit will be consummated.
Commenting on the occasion, Mr. Karan Adani, CEO & Whole Time Director, APSEZ said, “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
Adani Ports share price, like other Adani Group stocks, came under heavy selling pressure after Hindenburg Research’s report on Adani Group companies raised concerns over the debt position of group companies. However, after falling from 395 odd levels Adani Ports share price today at 761.20 675 per share level on the NSE, rising nearly 70 per cent from its lifetime low in the past three months. However, Adani Group’s stake is still over 30 per cent away from its lifetime high 987.85 each level on the NSE.
Adani Ports News
In Q4FY23, mutual funds and Insurance Corporation (LIC) of India has reduced stake in flagship Adani Group company Adani Ports and special economic zone Ltd. As per the shareholding pattern of Adani Ports, mutual funds have reduced their stake in this core business of the Gautam Adani-backed company from 4.43 per cent to 3.09 per cent during the January to March 2023 quarter. Similarly, LIC reduced its stake in this Adani group company from 9.14 per cent to 9.12 per cent during Q4FY23.
Adani Ports recently said it handled 32.3 million metric tonnes (MMT) of total cargo in April, up 12.8 per cent on a year-on-year (YoY) basis.
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