Promoters Raise Stake in Adani Ports

New Delhi: Promoters of Adani Ports and Special Economic Zone (APSEZ) have increased their stake in the company to 56.26 per cent. The ten promoters, including Gautam Adani, Rajesh Adani and Adani Properties, have together acquired 56.25 per cent equity of APSEZ, the company said in a filing to the BSE. These shares were acquired on June 8 pursuant to implementation of the composite scheme of arrangement, which was approved by the Gujarat High Court on May 7. Earlier, these ten entities held a 0.01 per cent stake. More than 42 per cent stake in the company has been acquired by Adani Group chairman Gautam Adani and managing director Rajesh Adani. In a separate filing, Adani Power said the same 10 promoters have got 58.13 per cent in the company post implementation of the composite scheme of arrangement. Prior to that, they had 6.01 per cent shareholding. Under the restructuring plan, which was announced in January this year, the Adani Group consolidated its ports, power and mining assets into three separately listed firms and list a new company for transmission business. Meanwhile Standard & Poor's Ratings Services assigned APSEZ 'BBB-' long-term corporate credit rating and said "the outlook is stable". "We also assigned our 'BBB-' long-term issue rating to the company's proposed issuance of US dollar-denominated senior unsecured notes. The issue rating is subject to our review of the final issuance documentation," it said in a statement on Wednesday. The rating on APSEZ reflects the company's leading position in India's port sector and strong operating efficiency, Standard & Poor's credit analyst Mehul Sukkawala said. APSEZ shares, on Wednesday, ended 2.1 per cent higher at Rs 313.05 apiece on the BSE, while shares in Adani Power finished unchanged at Rs 30.80.