Adani Group stocks in trade on Monday (August 24, 2020) rallied up to 9% on report of Adani Group acquiring 74% stake in Mumbai International Airport (MIAL).
Among group companies, Adani Green Energy surged up to 9.35% on the BSE to Rs. 411.9, Adani Enterprises was up 4.05% at Rs. 242.65, while during early trade it hit a high of Rs. 245. Similarly other stocks from the group including Adani Power, Adani Ports and SEZ and Adani Gas surged up to 2% in trade today.
Mumbai International Airport runs the country's second biggest airport. The acquisition will also make Adani Group owner of the upcoming Navi Mumbai Airport, wherein MIAL has 74% stake. Further in accordance with the report, the transaction as part of which the Group will buy 50.5 per cent stake in GVK Group could be made formal this week. And the Group will buy out 23.5% of minority partners including Airports Company South Africa (ACSA) and Bidvest Group. ACSA and Bidvest hold 10 and 13.5 per cent stake, respectively, in MIAL.
The financial consideration of the combined deal will amount to Rs. 15000 crore, said the report. Further, the promoters of the 2 group companies, GVK Reddy and Gautam Adani have in-principle given their approval on the deal terms.