About 10 million equity shares will be allotted to the investment firm at a price of Rs 800 apiece, Adani Ports informed, resulting in a premium of nearly 7 per cent on the stock’s last closing price.
On Monday, the scrip added 1.13 per cent to Rs 757. The had stock closed at Rs 748.55 per share on the BSE on Friday.
While maintaining a ‘buy’ rating with a target of Rs 935, global brokerage Citi said the issue price cements its valuation. Thanks to this, the company will have the flexibility to raise capital for future acquisitions, including Cocor, it said.
Morgan Stanley said the stake buy by Wargus must be seen in the context of Gangavaram Port acquisition by Adani Ports from the same PE investor. “It highlights this investor’s confidence in the company,” said analysts at the brokerage firm.
However, it kept its target price unchanged at Rs 730, which is lower than the prevailing prices.
