Adani Enterprises stock gains 2% after Adani Ports sign deal with Flemingo and Mumbai Travel to operate duty-free outlets

The the Share Subscription Agreement records the terms of subscription of shares of Mumbai Travel Retail by AAHL and strategic partnership to operate duty-free outlets in airports and seaports by Flemingo and AAHL.

Sep 24, 2021 12:09 IST India Infoline News Service

Adani Group's flagship holding company, Adani Airports has signed a Share Subscription Agreement with Flemingo Travel Retail Private (“Flemingo”) and Mumbai Travel Retail Private (“MTRPL”) for a strategic partnership to operate duty-free outlets in airports and seaports.

Adani Airports is a wholly-owned subsidiary of Adani Enterprises.

In its regulatory filing, Adani Enterprises said that the Share Subscription Agreement records the terms of subscription of shares of Mumbai Travel Retail Private Limited by AAHL and strategic partnership to operate duty-free outlets in airports and seaports by Flemingo and AAHL.

On the completion of the transaction, Adani Airport will subscribe to 28,49,000 equity shares of the face value of Rs. 10/- each constituting 74% of Share Capital of MTRPL on a fully diluted basis for an aggregate investment of Rs2.85cr.

At around 12.41 pm, Adani Enterprises was trading at Rs1498.35 per piece higher by Rs24.25 or 1.65%. The stock has touched an intraday high and low of Rs1515.70 per piece and Rs1466.35 per piece respectively. 

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