Essar Ports, a company formed through the demerger of erstwhile Essar Shipping Ports & Logistics, made its debut on the bourses on Tuesday.
On the National Stock Exchange (NSE), the shares opened at Rs 90.50, before surging northwards to touch an intra-day high of Rs 128.20. It finally ended the day at Rs 126.10. On the Bombay Stock Exchange (BSE), it closed at Rs 122.10.
On May 9, Essar Shipping Ports & Logistics had announced the completion of the demerger process it had initiated in August 2010. The demerger has created two separate entities: Essar Ports Ltd and Essar Shipping Ltd. While Essar Ports listed on Tuesday, Essar Shipping will list in June 2011, said a company release.
ESPLL’s share capital has been split in a ratio of 2:1.
For every three shares held of ESPLL, shareholders have received two shares of Essar Ports and one share of Essar Shipping.
According to the release, Essar Ports is now the second largest private sector port company in India with 88 MTPA of current capacity, with target to reach 158 MTPA by 2013. The company has committed Rs 9,300 crore towards ports capacity expansion, of which Rs 6,150 crore has already been invested, it added.