As Adani Enterprises buys 23.5% stake in Mumbai International Airport, shares reach 52-week high

Adani Airport Holdings (AAHL), on February 7, announced that it had finally closed a deal worth Rs 1,685.25 crore with ACSA Global and Bid Services Division (Mauritius) to acquire a total of 23.5 % stake in Mumbai International Airport (MIAL) for Rs 1,685.25 crore.

In this deal, Adani Group’s Adani Airport Holdings purchased a quantity of 28,20,00,000 equity shares in Mumbai International Airport. The company revealed that it plans to make further purchases in the future with will eventually go on to provide AAHL with controlling interest.

Saying the same, AAHL reported, “In continuation of our earlier intimation dated 31st August 2020, we would like to inform that AAHL has acquired 23.5 % equity stake i.e. 28,20,00,000 equity shares of Rs 10 of MIAL from ACSA and Bidvest.”

Responding to this closing of the deal, the stock price of Adani Enterprises has reached its fresh 52-week high. At 11:20 AM, the stock listed on NSE was trading up by 5.15% at Rs 626.00 which was Rs 30.35 higher than the previous week’s closing.

Shortly after market opening, the stock price reached an intraday high of Rs 638.05. The Executive Vice President of Equity Technical Research at Kotak Securities commented that he apprehends that the share can be expected to cross the Rs 700 mark and even possibly touch Rs 730.

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