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Gujarat Pipavav Port gets nod for expansion plan

06 Jun 2012 Evaluate

Gujarat Pipavav Port has received an approval for the project expansion plan for Pipavav Port entailing an investment of around Rs 1,097.20 crore. This will be financed through a mix of debt, equity and internal accruals. The board at its meeting held on June 05, 2012 has approved for the same.

Further to the resolution passed in the board meeting held on May 03, 2012, the board has also approved convening of an Extraordinary General Meeting of shareholders on July 02, 2012 at its registered office to approve issue of equity shares for an aggregate amount of Rs 350 crore.

Gujarat Pipavav Port is the developer and operator of APM Terminals Pipavav, which has multi-cargo and multi-user operations. Promoter APM Terminals Mauritius currently holds 57.9% stake in the company, pre issue. Among institutions, IDBI Trusteeship Services and IDBI Bank are the major shareholders with 10.2% and 8.9% stake.

Gujarat Pipavav Port Share Price

158.70 -0.20 (-0.13%)
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