Adani Enterprises stock in newsShares of industrialist Gautam Adani-led Adani Enterprises are in news today after the firm said its arm Adani Road Transport Limited (ARTL) has inked agreements to acquire 49% stake in Sree Vishwa Varadhi Private Limited (SVVPL) with an option to acquire additional stake.
Adani Enterprises stock ended 1.01% higher at Rs 2280.50 on Friday. Market cap of the firm stood at Rs 2.63 lakh crore. Total 0.26 lakh shares changed hands amounting to a turnover of Rs 5.88 crore.
"We would like to inform that Adani Road Transport Limited (“ARTL”), a wholly owned subsidiary of the Company has executed certain definitive documents to acquire 49% stake in Sree Vishwa Varadhi Private Limited (“SVVPL”) with an option to acquire additional stake, subject to regulatory approvals," said the Adani Group's flagship firm.
"Initially, ARTL will acquire 49% shareholding in SVVPL by way of subscription to fresh securities in SVVPL. Upon acquisition of the aforesaid 49% stake, ARTL will, inter alia, have: (a) the right to appoint 2 (two) nominee directors on the board of SVVPL; and (b) an option to acquire additional stake in SVVPL from its existing shareholder, subject to regulatory approval," it added.
ARTL is a wholly owned subsidiary of Adani Enterprises Limited. SVVPL and VSEPL are not related to promoter/ promoter group of the Company.
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