The recent sale of 100% stake in Abbot Point Coal Terminal in Australia by Adani Ports and Special Economic Zone (APSEZ) to the promoter Adani Family is set to deleverage the balance sheet of APSEZ in a big way as about half its debt is on account of Abbot.However, the valuation is not yet clear and analysts are seeking a healthy premium for the asset sale.APSEZ had acquired Abbot a couple of years back by a taking a debt of $2 billion (around `11,000 crore) and pitching in an equity of around $235 million.With the deal, APSEZ would no longer guarantee the debt taken for Abbot.The APSEZ Board has given the nod to the deal and equity component of $235 million would be valued by an independent expert, the company said on an analyst conference call.But analysts have raised pertinent points on the valuation front.Selling Abbot Point asset at book value will not be in interest of shareholders, said an analyst of a domestic brokerage on the condition of anonymity.“Every asset attracts a premium. So it is to be seen at what premium APSEZ will sell the asset to the Adani family,” he said.A healthy premium over book value should be given for preserving shareholders interest and transparency in corporate governance, said another analyst.In a client note dated January 27, Citibank valued Abbot Point at Rs 10 a share on a discounted cash flow to equity basis, using a cost of equity of 13%.The stake sale will reduce company’s debt-to-equity ratio significantly from around 3.2:1 to about 1.2:1, according to several brokerages.The divestment of stake is expected to be completed by March-April as it depends upon various regulatory clearances and formalities, the company said.Post divestment, Abbot Point will become a privately owned company, belonging to Adani family. APSEZ is country’s largest private sector port operator, having operation at Mundra, Dahej and Abbot Point.@dnasturd

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