Adani Enterprises to challenge online train ticket booking business of IRCTC soon. Inks deal to acquire this company

Adani Enterprises informed Indian bourses about the agreement citing, “With reference to the captioned subject (Intimation for 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.”

Informing about the purpose of the agreement Adani Enterprises said, “The SPA records the terms of agreement with respect to acquisition of 100% equity shares of SEPL and the inter se rights and obligations and other matters in connection therewith.”

Adani Enterprises shares bottomed out at around ₹1195 apiece levels on NSE at the end of February 2023, after heavy sell off caused by Hindenburg Research report. While bouncing back from its YTD lows, Adani Enterprises share price ended at around ₹2505 apiece levels on Friday last week, logging more than 100 per cent rise in less than four months time.

IRCTC share price on the other hand, has remained under the base building mode after ushering in November 2022. However, IRCTC share price has given some upside movement in last one month delivering around 9 per cent return in last one month.

Recently, ITCTC share price has given breakout at ₹645 per share levels and closed at ₹666 apiece levels on NSE after the end of Friday deals.

Updated: 17 Jun 2023, 03:00 PM IST