Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

GIC part-exits seven-year-old investment in Adani Ports & SEZ for close to $51 M.


Date: 08-06-2013
Subject: GIC part-exits seven-year-old investment in Adani Ports & SEZ for close to $51 M
Singapore’s sovereign wealth fund GIC has sold over half of its stake in Adani Ports & Special Economic Zone Ltd, India's largest private port and special economic zone operator, for Rs 290 crore ($50.8 million) through a secondary market transaction.

GIC had co-invested with private equity firm 3i through optionally convertible bonds back in 2006 which on conversion gave both the investors around 1.7 per cent stake after the company went public in November 2007. While 3i had sold its stake in the firm way back in 2009, GIC has been holding on to its stake.

It held 1.7 per cent as of March 31, 2013 and has sold around 0.9 per cent of it. Its remaining stake is worth around Rs 250 crore. The firm had reportedly invested around $50 million in 2006; this would mean it has part-exited almost with 2x from its seven-year-old investment.

Originally incorporated as Gujarat Adani Port Ltd (GAPL) in 1998 to develop a private port at Mundra, on the west coast of India, the company commenced commercial operations in October 2001. Mundra Special Economic Zone Ltd (MSEZL) was incorporated in November 2003, to set up an SEZ at Mundra and was merged with GAPL in April 2006 and the company was renamed as Mundra Port and Special Economic Zone Ltd. Its name was changed again to Adani Ports & Special Economic Zone in January 2012.

The firm had struck a big deal a couple of years ago by snapping Abbot Point Port in Australia in an all-cash deal for A$1.8 billion (around $2 billion or Rs 9,000 crore approximately at that time). The balance sheet size of the firm more than doubled after the acquisition. However, early this year, the firm had decided to sell this unit to its own promoters, the Adani family, as it wanted to focus on its Indian operations.

The firm is raising Rs 1,000 crore through a public issue which will also help the promoters meet the minimum public shareholding norms of 25 per cent. As of March 2013, the public shareholders held 22.5 per cent. Adani Ports is one of the firms which has figured among a little over 100 listed companies where SEBI has put certain restrictions on the voting rights of promoters for failing to meet the listing norms as per deadline.

The company ended FY13 with revenues of Rs 3,576 crore with a net profit of Rs 1,623 crore. Its revenues grew around 3x and net profit shot up 4x since FY09.

Source : vccircle.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 28-02-2025
Notification No. 12/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 14-02-2025
Notification No. 10/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 13-02-2025
Notification No. 14/2025-Customs
Seeks to amend Notification 11/2021-Customs dated 01.02.2021 to amend AIDC rate on Bourbon whiskey

Date: 11-02-2025
NOTIFICATION No. 09/2025–Central Tax
Seeks to bring rules 2, 8, 24, 27, 32, 37, 38 of the CGST (Amendment) Rules, 2024 in to force

Date: 03-02-2025
[F. No. CBIC-190354/236/2021-TRU]
Corrigendum to Notification No. 50 of 2024 Customs, dated the 30th December, 2024.

Date: 01-02-2025
Notification No. 13/2025-Customs
Seeks to further amend notification No. 153/94-Customs dated the 13 th July, 1994.

Date: 01-02-2025
Notification No. 12/2025-Customs
Seeks to further amend notification No. 19/2019 dated 06 th July 2019.

Date: 01-02-2025
Notification No. 11/2025 – Customs
Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002 so as to add capital goods to the already existing list of capital goods exempted from basic customs duty for manufacture of lithium-ion battery of mobile phones and electrically operated vehicles.

Date: 01-02-2025
Notification No. 09/2025-Customs
Seeks to further amend notification No. 16/2017-Customs, dated the 20 th April, 2017 so to exempt certain drugs for supply under Patient Assistance Programme run by specified pharmaceutical companies.

Date: 01-02-2025
Notification No. 07/2025-Customs
Seeks to further amend notification No. 11/2018-Customs dated 02 th February, 2018 so as to exempt specified goods from the whole of levy of Social Welfare Surcharge.



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001