Adani Port and Special Economic Zones Ltd. which is commonly known as APSEZ has shown a hit in the shares. This is observed that the share price touches a 52 week high. It is for Rs 768.40, this rise for over 2% in the early trade. The values are on March 8, 2021. However, this surge could be seen after the company board approved the issue of equity shares on a preferential basis to Windy Lakeside Investment. As APSEZ represents a large network of ports with India’s largest SEZ at Mundra. These ports provide dredging and reclamation solutions for port and harbor construction. Now this surge in the shares has to lead the company to a great extend. Now let’s have a look over the meeting of board directors and what were the decisions taken during the meeting.
Board meeting of Adani Ports and SEZ
The board of directors of Adani Ports and SEZ during the meeting has approved the issuance. They have also offered an allotment of up to 1,00,00,000 equity shares. The face value of these shares was Rs 2 to Windy Lakeside Investment. Also on a preferential basis, they have cost Rs 800 per equity share. At the premium, they valued Rs 798 per equity share which were aggregated to Rs 800 crores. These shares were approved by regulatory, statutory authorities, and the shareholders of the company. Later the board members have also issued the notice for the extraordinary general meeting. This meeting will be held on April 6, 2021. In the meeting, the necessary approvals of the shareholders for the proposed preferential issue will be considered.
Adani Ports and SEZ quoted price
According to the sources it was observed that at 09:20 the company was quoting share price at Rs 764.10. these were up to Rs 15.55 or 2.08% on BSE.
Warburg Pincus on APSEZ
Adani Ports CEO has welcomed Warburg Pincus to join this league. In this regard, MD and head of Warburg Pincus said that APSEZ has a remarkable position in the 20 years of history. He further added about the unmatched skills and logistics of APSEZ in the market. He continued after saying that he is confident APSEZ will continue to have sustainable growth on a long-term basis.