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Adani Ports share closes over 8% lower as firm decides to acquire Adani Agri Logistics

The stock fell nearly 9 percent to its intraday low of Rs. 321.55 against the previous close of Rs. 354.1 in BSE.

twitter-logo BusinessToday.In        Last Updated: February 25, 2019  | 17:21 IST
Adani Ports share closes over 8% lower as firm decides to acquire Adani Agri Logistics
13.16 lakh shares of Adani Ports changed hands on the BSE.

Adani Ports and Special Economic Zone shares fell more than 8 percent intraday after the company said its subsidiary Adani Logistics would acquire Adani Agri Logistics from Adani Enterprises in an all-cash deal at a proposed enterprise value of Rs 1,662 crore. At 12.30 p.m. IST, the script was down 7.57 percent, at Rs 327.30. The stock closed 8.26% or 29.25 points lower on BSE.

Adani Ports share was among the top losers as well as the share with the highest turnover of Rs 43.17 crore.

13.16 lakh shares of Adani Ports changed hands on the BSE.

The stock fell nearly 9 percent to its intraday low of Rs. 321.55 against the previous close of Rs. 354.1 in BSE.

"The acquisition is expected to be completed by March 2019,  and, the combined business EBITDA (earnings before interest, tax, depreciation, and amortisation) after the acquisition will immediately double to around Rs 200 crore," the firm said in a filing to the BSE.

(Edited by Rupa Burman Roy)

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