Gautam Adani-Owned Adani Enterprises Acquires ‘Trainman’, To Sell Online Train Tickets Shaking IRCTC Monopoly
Adani Enterprises is eyeing an entry into the online train ticket sales market through significant development. On Friday, the company revealed that it had finalised a share purchase agreement to acquire the complete ownership of Stark Enterprises Private Limited (SEPL). SEPL, widely recognized as Trainman.
Mumbai, June 17: Adani Enterprises is eyeing an entry into the online train ticket sales market through significant development. On Friday, the company revealed that it had finalised a share purchase agreement to acquire the complete ownership of Stark Enterprises Private Limited (SEPL). SEPL, widely recognized as Trainman, operates as a well-established platform offering online train booking services and comprehensive information for travellers. With this acquisition, Adani Enterprises aims to expand its presence in the digital ticketing domain and provide convenient train ticket booking solutions to customers.
Adani Enterprises has officially notified the Indian stock exchanges about its recent agreement. “With reference to the captioned subject (Intimation for the execution of Share Purchase Agreement in relation to acquisition of 100% stake in Stark Enterprises Private Limited), we would like to inform you that Adani Digital Labs Private Limited (“ADL"), a wholly-owned subsidiary of the Company has signed a Share Purchase Agreement (“SPA") in relation to its proposed acquisition of 100% stake in Stark Enterprises Private Limited (“SEPL"), also known as Trainman, an online train booking and information platform," Adani group said about the agreement. Despite Market Rout, EPFO Continues to Invest in Two Adani Stocks.
"The SPA records the terms of agreement with respect to the acquisition of 100% equity shares of SEPL and the inter se rights and obligations and other matters in connection therewith," the group added. Gautam Adani Reappointed As Adani Enterprises’ Executive Chairman For Five Years.
Adani Enterprises experienced a significant decline in its share price on the National Stock Exchange (NSE) towards the end of February 2023, reaching approximately Rs. 1195 per share. This drop was primarily triggered by a substantial sell-off prompted by the short-seller Hindenburg Research report. However, the company managed to recover from its year-to-date lows and displayed a remarkable rebound. By the end of last week, the share price of Adani Enterprises had surged to around Rs. 2505 per share, marking an impressive increase of over 100 percent within a span of fewer than four months.
(The above story first appeared on LatestLY on Jun 17, 2023 10:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).