The Adani group gained a further foothold in the port sector on the eastern coast by acquiring the all-weather deep water Karaikal Port owner Karaikal Port Private Ltd.
The Karaikal Port was acquired by Adani Ports and Special Economic Zone Limited (APSEZ) by submitting a resolution plan which was approved by the Committee of Creditors of the former and by the National Company Law Tribunal, Chennai Bench, Adani Ports said.
As per the Resolution Plan, APSEZ will infuse Rs 1,485 crore for upfront payment to financial creditors.
The decision of the Tribunal shall be binding on the corporate debtor and its employees, members, creditors, directors, guarantors, resolution applicant and other stakeholders involved in the resolution plan, Adani Ports said.
Also read | Adani Ports beats own milestone as cargo volumes cross 300 MMT in just 329 days
As per the resolution plan, Karaikal Port has allotted 10 lakh equity shares of Rs 10 each to APSEZ aggregating to Rs 1 crore on March 31.
The equity shares issued by Karaikal Port prior to the approval of the Resolution Plan have been cancelled.
With this, Karaikal Port became a wholly owned subsidiary of APSEZ.
Under the resolution plan, APSEZ is to infuse Rs 1,485 crore for upfront payment to financial creditors.
