Adani to soon sell online train tickets after acquiring this firm; may challenge IRCTC’s monopoly
Adani Enterprises will soon be selling online train tickets as the company on Friday informed that it has signed a share purchase agreement for acquisition of 100 per cent stake in Stark Enterprises Private Limited (SEPL). SEPL is an online train booking and information platform and is popularly known as Trainman.
Adani Enterprises informed the stock market regulators 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.”
“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,” read the company’s Securities and Exchange Board of India (SEBI) filing.
Adani Enterprises shares bottomed out at around ₹1195 apiece levels on National Stock Exchange (NSE) at the end of February 2023, after heavy sell off caused by Hindenburg Research report. While bouncing back from its Year to Date (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, reported Live Mint.
Meanwhile, IRCTC share price 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.
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