Adani Ports and Special Economic Zone, one of the largest private multi-port operators, informed on Wednesday that the company has incorporated a wholly owned subsidiary namely Adani Bangladesh Ports Private (ABPPL) in Bangladesh.

ABPPL is incorporated for an authorized capital of 10 million taka ( Rs 8.45 million) and paid-up share capital of 5.5 million taka (approximately Rs 4.66 million).

The company has incorporated a wholly owned subsidiary for carrying out business of dredging, port & infrastructure development.

ABPPL is incorporated in Bangladesh and registered with Registrar of Joint Stock Companies & Firms, Bangladesh and is yet to commence its business operations.

Shares of the company declined Rs 4.45, or 1.24%, to settle at Rs 354.30. The total volume of shares traded was 64,810 at the BSE (Thursday).