Shares of Adani Enterprises jump 5 pc after acquisition of 23.5 pc stake in Mumbai airport

Shares of Adani Enterprises moved up by over 5 per cent on Monday afternoon to hit a 52-week high after its subsidiary Adani Airports completed acquisition of 23.5 per cent stake in Mumbai Airport.

Shares of Adani Enterprises moved up by over 5 percent on Monday afternoon to hit a 52-week high after its subsidiary Adani Airports completed the acquisition of 23.5 percent stake in Mumbai Airport. At 1 pm, the company's stock was trading 5.36 percent higher on BSE Ltd at Rs 627.50 per unit.

The Gautam Adani-led conglomerate completed the acquisition of 23.5 percent equity stake in Mumbai International Airport Ltd (MIAL) from Airports Company South Africa (ACSA) and Bid Services Division (Mauritius) Ltd for Rs 1,685.2 crore. The Indian multinational is set to extend shareholding to 74 percent in MIAL, a joint venture between the Airports Authority of India and GVK Industries, which will provide the group ownership of the upcoming Navi Mumbai airport in which MIAL holds a majority stake.

Adani Airport Holdings Ltd (AAHL), a wholly-owned subsidiary of Adani Enterprises, has bought 28.2 crore equity shares in MIAL which operates the country's largest airport after New Delhi. "AAHL, the flagship holding company of Adani Group for its airports business and a wholly-owned subsidiary of Adani Enterprises Ltd, has acquired 23.5 percent equity stake, that is 28,20,00,000 equity shares of Rs 10 of Mumbai International Airport Ltd from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd (Bidvest)," the company said in regulatory filings at stock exchanges.

MIAL is engaged in the business of development, construction and operation of Chhatrapati Shivaji Maharaj International Airport. In August last year, Adani Group had signed an agreement with GVK Group to acquire its 50.5 percent stake in Mumbai airport. The deal also included the acquisition of 23.5 percent stake held by the two South African companies.

The Airports Authority of India (AAI) holds the remaining 26 percent shareholding.