Adani Ports share price gains 3% on potential Krishnapatnam Port acquisition

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Shares of Adani Ports and Special Economic Zone rallied 2.7 percent intraday on January 1 ahead of the potential acquisition of Krishnapatnam Port.

The Adani Group company is expected to acquire 72 percent stake in Krishnapatnam Port, reports CNBC-TV18 quoting unnamed sources.

The company may acquire a stake of existing investor CVR Group for an enterprise value of Rs 12,500 crore, sources said, adding that the deal is expected to be done at close to 10x FY20 EV/EBITDA.

Sources told the business channel that the deal is likely to be announced soon and it would be EPS accretive and give Adani Port further foothold into the east coast.

Post-acquisition, Adani Ports will control close to one-third of the port volumes in India, sources said.

Adani Ports declined to comment on 72 percent stake acquisition in Krishnapatnam Port.

The stock was quoting at Rs 375, up Rs 9.05, or 2.47 percent on the BSE at 1030 hours.

News Source:- Moneycontrol

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