Adani Enterprises divests 100% stake in two subsidiaries to AdaniConnex; Stock tumbles 4%

24 Feb 2022 , 10:04 AM

Adani Enterprises Ltd stocks tumbled over 4% on Thursday;’s trading session tracking broader markets and also after the announcement regarding divestment of the Company’s entire stake in DC Development Hyderabad Private Limited and Noida Data Center Limited, wholly-owned subsidiaries.

As per regulatory filing, the Company has divested its 100% stake in DC Development Hyderabad Private Limited (“DCDHPL”) and Noida Data Center Limited (“NDCL”), Wholly Owned Subsidiary (“WoS”) Companies on February , 2022 to AdaniConnex Private Limited (50% Joint Venture Company of AEL with EdgeConneX Europe B.V. Consequently, DCDHPL and NDCL have ceased as WoS of the Company.

Further, the transaction is undertaken at arm’s length basis, said company.

At around 10:05 AM, Adani Enterprises was trading at Rs1,613.35 apiece down by Rs74.3 or 4.4%. The scrip tumbled to an intraday low at Rs1596.15 per piece on Sensex.