Adani Ports and Special Economic Zone Limited (APSEZ) has surged 6% to Rs 144, extending its previous day’s 5% rally, after the company said it has decided to divest its significant stake in Abbot Point Coal Terminal in Australia to its promoter family.
“To focus on the high growth Indian ports & logistics sector and maintain its leadership position in India, the board of APSEZ has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family,” the company said in a statement.
This divestment will enhance the financial strength of APSEZ in order to pursue its plans to acquire / set up new ports & logistics assets in India, it added.
According to report, the stake sale will also reduce company's debt-to-equity (D/E) ratio significantly from around 3.2:1 to about 1.2:1.
The stock opened at Rs 137 and hit a high of Rs 146 on NSE. As many as a combined 3.29 million shares have already changed hands on the counter so far against an average sub two million shares that were traded daily in past ten trading sessions.