Adani Ports Limited (APSEZ) is the integration of 3 Ports, Logistics and Special Economic Zone. The company has pan India presence in ten locations with the flagship Mundra port in the Gulf of Kachchh, also India’s largest commercial port.
Business of the Company:
Recently the company has announced the buyback offer. ADANI Port has approved the proposal for the buy-back by the Company of up to 3,92,00,000 Equity Shares (being 1.89% of the total paid-up Equity Share Capital of the Company) from the equity shareholders of the Company as on June 21, 2019 (the “Record Date”) (“Eligible Shareholders”). The buyback details are as following
Buy Back Offer Deal:
Adani Port Share Buyback Type: Tender offer
Adani Port Share Buyback Record Date: Jun 21 2019
Adani Port Share Buyback Opening Date: Sep 06 2019
Adani Port Share Buyback Closing Date: Sep 20 2019
Adani Port Share Buyback Offer Amount: ₹ 1,960 Cr
Adani Port Share Buyback Offer Size: 1.89%
Adani Port Share Buyback Number of Shares: 39200000
Adani Port Share Buyback Price: ₹ 500 Per Equity Share
Date of Board Meeting approving the proposal: Jun 04 2019
Date of Public Announcement: Jun 04 2019
The (“Buy-Back”) is to be done at a price of Rs. 500 (Rupees Five Hundred Rupees only) per Equity Share (the “Buy-Back Offer Price”), for an aggregate amount not exceeding Rs. 1,960 Crores (Rupees One Thousand Nine Hundred Sixty Crores only), (the “Maximum Buy-Back Size”, being 9.94% of the total paid-up Equity Share Capital and free reserves of the Company as per the audited standalone financial statement as at March 31, 2019) from the Eligible Shareholders of the Company on a proportionate basis through ” Tender Offer route”.