Shares of Adani Enterprises surged to hit a 52-week high after its arm Adani Airports completed the acquisition of the stake in Mumbai International Airport (MIAL).
On Monday, the stock was trading at Rs 627.85, up Rs 33.230, or 5.14 percent at 2:57 pm on BSE. It has touched a 52-week high of Rs 638.05.
The company recently announced net revenue growth of 6% for the December quarter at Rs. 11,788 crore due to increased revenues in the Solar Manufacturing sector.
Adani Airports, a wholly-owned subsidiary of Adani Enterprises has acquired 23.5% shareholding in Mumbai Airport. Adani Airport Holdings (AAHL) bought 28,20,00,000 equity shares in MIAL.
"In continuation of our earlier intimation dated 31st August 2020, we would like to inform that Adani Airport Holdings Limited ("AAHL") the flagship holding company of Adani Group for its airports business and a Wholly Owned Subsidiary of Adani Enterprises Limited has acquired 23.5% equity stake i.e. 28,20,00,000. Shares of Rs 10 of Mumbai International Airport Limited ("MIAL") from ACSA Global Limited ("ACSA") and Bid Services Division (Mauritius) Limited ("Bidvest")," AAHL said.
This acquisition is part of the agreement pursuant to which AAHL intends to acquire control interest in MIAL as set out in the intimation dated 31 August 2020, added further.
MIAL was incorporated on 2nd March 2006 and is engaged in the business of development, construction, and operation of Chhatrapati Shivaji Maharaj International Airport.