ESSAR ports lists at 27% premium

Essar Ports, part of the diversified Essar Group, listed at a strong premium on the bourses on Tuesday. HT reports.

Essar Ports, part of the diversified Essar Group, listed at a strong premium on the bourses on Tuesday.

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The shares of the company closed at Rs 122 on Bombay Stock Exchange (BSE) up by 27%, giving the company a market capitalisation of Rs 5,000 crore.

This makes the company the second-largest private sector port company in the country. It expects to operate on about 70% margins, company officials said.

"We have committed Rs 9,300 crore towards this business, of which Rs 6,150 crore has already been invested," said Rajiv Agarwal, managing director of Essar Ports.