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Adani Airport Holdings to acquire 74% stake in Flemingo Travel Retail, MTRPL

Adani Airport Holdings to acquire 74% stake in Flemingo Travel Retail, MTRPL

On completion of the transaction,AAHL will subscribe to 28.49 lakh equity shares for an aggregate investment of Rs 2.84 crore

dani Enterprises' shares jumped 3% intraday following the announcement dani Enterprises' shares jumped 3% intraday following the announcement

Adani Enterprises announced on Thursday that its subsidiary, Adani Airport Holdings has inked a share subscription agreement with Flemingo Travel Retail Private Ltd. and Mumbai Travel Retail Private Ltd. (MTRPL) "for the purpose of strategic partnership to operate duty-free outlets in airports and seaports."

On completion of the transaction, Adani Airport Holdings (AAHL) will subscribe to 28.49 lakh equity shares of face value of Rs 10 each constituting 74% of the share capital of MTRPL on a fully diluted basis for an aggregate investment of Rs 2.84 crore.

Also Read: Maharashtra cabinet approves transferring Mumbai Airport's ownership to Adani Airport Holdings

Adani Enterprises' shares jumped 3% intraday following the announcement. The company's shares were trading at Rs 1,476.35, up Rs 38.60, or 2.68 % on the BSE in the afternoon trade on Thursday. 

The scrip had hit a 52-week high of Rs 1,717.20 and a 52-week low of Rs 257.50 on June 7, 2021, and September 22, respectively.

The company had on Tuesday said that it will invest $20 billion over 10 years in the renewable energy supply chain, comprising power generation, manufacturing, transmission, and distribution.

Gautam Adani, chairman, Adani Enterprises said the company aims to triple its renewable power generation capacity over the next four years. 

The company presently has 12.5 Gw of installed and  Gw of planned thermal power capacity.

Also Read: Adani Group initiates talks to spin off airport biz, launch IPO