Adani Ports surges 8% after lenders' panel backs Dighi Port acquisition

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Shares of Adani Ports and Special Economic Zone (APSEZ) surged over 8 percent on September 23 amid reports that the committee of creditors has backed the resolution plan offered by the company to buy the debt-laden Dighi Port under the bankruptcy and insolvency law.

Multiple media outlets reported that the decision of the lenders' panel was conveyed by its counsel to the National Company Law Appellate Tribunal (NCLAT) during a hearing on September 19 on a batch of appeals filed by different parties.

The NCLAT has asked the lender’s panel of Dighi Port, led by Bank of India, to approve a resolution plan within three weeks.

Dighi Port is being developed by Balaji Infra Projects in the Raigad district of Maharashtra. The firm is going through insolvency resolution process and Adani Ports and Jawaharlal Nehru Port Trust (JNPT) were among bidders.

Meanwhile, NSE has sought clarification from Adani Ports with respect to news item captioned Adani Ports now on course to buy Dighi Port. The response from the company is awaited.

Shares of Adani Ports traded 6.87 percent up at Rs 406.70 on the BSE around 1155 hours.