The Adani Enterprises Limited is all set to acquire an online train and booking platform. The company has signed an agreement to acquire 100% of Stark enterprises private limited, also known as Trainman which is an online train ticket booking platform.
The SEPL is a Gurugram based train ticket booking startup, founded by Vineet Chirania and Karan Kumar. This company recently raised 1 million dollars in the latest fundraising round from an US investors group.
This agreement is soon going to pose a challenge to the monopoly of Indian Railway Catering and Tourism Corporation (IRCTC) by sale of train tickets online. The Adani Enterprises, while informing the stock market about it stated ,” 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.”
Adani Enterprises further stated, “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.”
The shares of Adani Enterprises ended at Rs 2505 apiece levels last week, indicating more than 100% rise in less than four months compared to its previously bottomed out shares. The shares of IRCTC gave breakout at ₹645 per share levels and closed at ₹666 apiece levels on NSE after the end of Friday deals.