Warburg Pincus affiliate to buy 0.49% in APSEZ for Rs 800 crore
About 10 million equity shares will be allotted to the investment company at a price of Rs 800 each, Adani Ports informed, resulting in a premium of 6.7% on the stock’s last closing price.
By ET Bureau | Updated:
Adani Ports & SEZ on Sunday said it is issuing 1 crore shares, or 0.49%, of its equity to an affiliate of Windy Lakeside Investment, an affiliate of Warburg Pincus for Rs 800 crore.
About 10 million equity shares will be allotted to the investment firm at a price of Rs 800 each, APSEZ informed, resulting in a premium of 6.7% on the stock’s last closing price. The company said it sold the shares at a premium of Rs 798 per share. The stock of APSEZ closed at Rs 749.65 per share on the National Stock Exchange on Friday.
An extraordinary general meeting (EGM) of the firm’s shareholders will be held on April 6 to seek approval for the proposed preferential issue. “APSEZ has built a formidable market position over its 20-year history and emerged as one of the fastest growing port groups in the world. Given its unmatched scale and logistics footprint, we are confident APSEZ will continue to demonstrate sustainable long-term growth,” said Vishal Mahadevia, MD and head, Warburg Pincus India.
“We welcome Warburg Pincus to join the league of existing long term marquee investors that have invested in APSEZ including LIC, Temasek, Fidelity, GIC and Norges,” said Karan Adani, CEO, Adani Ports.
APSEZ has an integrated infrastructure business model that combines a string of 12 ports all along the Indian coastline, industrial zones, and a pan India multi-modal logistics presence. Last Wednesday, Adani had said it would buy 31.5% in Gangavaram Port from the same affiliate for Rs 1,954 crore.
About 10 million equity shares will be allotted to the investment firm at a price of Rs 800 each, APSEZ informed, resulting in a premium of 6.7% on the stock’s last closing price. The company said it sold the shares at a premium of Rs 798 per share. The stock of APSEZ closed at Rs 749.65 per share on the National Stock Exchange on Friday.
An extraordinary general meeting (EGM) of the firm’s shareholders will be held on April 6 to seek approval for the proposed preferential issue. “APSEZ has built a formidable market position over its 20-year history and emerged as one of the fastest growing port groups in the world. Given its unmatched scale and logistics footprint, we are confident APSEZ will continue to demonstrate sustainable long-term growth,” said Vishal Mahadevia, MD and head, Warburg Pincus India.
“We welcome Warburg Pincus to join the league of existing long term marquee investors that have invested in APSEZ including LIC, Temasek, Fidelity, GIC and Norges,” said Karan Adani, CEO, Adani Ports.
APSEZ has an integrated infrastructure business model that combines a string of 12 ports all along the Indian coastline, industrial zones, and a pan India multi-modal logistics presence. Last Wednesday, Adani had said it would buy 31.5% in Gangavaram Port from the same affiliate for Rs 1,954 crore.
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