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Adani Enterprises shares rise 3% on agreement with Flemingo & Mumbai Travel Retail

The strategic partnership is to operate duty-free outlets in airports and seaports of Flemingo and AAHL.

September 23, 2021 / 01:19 PM IST
 
 
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Adani Enterprises share price rose 3 percent intraday on September 23 after a subsidiary of the company signed a share subscription agreement with Flemingo Travel Retail and Mumbai Travel Retail.

"Adani Airport Holdings (AAHL), a wholly-owned subsidiary of Adani Enterprises has signed a share subscription agreement with Flemingo Travel Retail Private Limited and Mumbai Travel Retail (MTRPL) for the purpose of a strategic partnership to operate duty-free outlets in airports and seaports," company said in a press release.

The strategic partnership is to operate duty-free outlets in airports and seaports of Flemingo and AAHL.

On completion of the transaction, AAHL will subscribe to 28,49,000 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 284.90 lakh.

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At 13:04 hrs, Adani Enterprises was quoting at Rs 1,476.35, up Rs 38.60, or 2.68 percent on the BSE.

The share touched a 52-week high of Rs 1,717.20 and a 52-week low of Rs 257.50 on 07 June, 2021 and 22 September, 2020, respectively.

Currently, it is trading 14.03 percent below its 52-week high and 473.34 percent above its 52-week low.

The share price rallied over 400 percent in the last one-year.
Moneycontrol News
first published: Sep 23, 2021 01:19 pm

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