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Adani group stock jumps after it acquires 99% stake in Aviserve and Aviground Facilities

Adani Group stock acquired 99% stakes in two non-aeronautical service providers at Mumbai Airport for ₹99 lakh each, boosting its service offerings and enhancing airport operations without regulatory approvals or related transactions.
Adani group stock jumps after it acquires 99% stake in Aviserve and Aviground Facilities
Adani group stock jumps after it acquires 99% stake in Aviserve and Aviground Facilities

Introduction:

Major acquisition in the aviation sector has seen a prominent player acquire a 99% stake in two facilities offering non-aeronautical services, enhancing operations at Mumbai Airport. The deal, valued at ₹99 lakh each, strengthens service offerings in the region.

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Also Read: Stocks in which Ashish Kacholia bought fresh stake in Q2; Do you own any

Share price movement of Adani Enterprises:

On December 2, 2024, Adani Enterprises Ltd. opened at ₹2,504.95, down 0.58% from ₹2,462.25. The stock reached a high of ₹2,504.95 and a low of ₹2,448.05. By 10:38 AM, it traded at ₹2,448.05, a 0.58% decrease, with a market cap of ₹2,82,658.86 crore.

Adani acquires stake in Aviserve, Aviground:

Adani Airport Holdings Limited (AAHL), a wholly owned subsidiary of Adani Group, has acquired a 99% stake in Aviserve Facilities Private Limited and Aviground Facilities Private Limited. This acquisition, confirmed on November 29, 2024, makes them step-down subsidiaries.

Aviserve, with a turnover of ₹5,938.5 lakh for FY 2023-24, provides non-aeronautical services such as meet and greet, baggage handling, and transportation at Mumbai Airport. Aviground, which earned ₹0.11 lakh, operates within the General Aviation Terminal at the same location.

AAHL’s acquisition of the 99% stakes in both companies for ₹99 lakh each was completed through cash consideration. The strategic move aims to enhance non-aeronautical services at Mumbai Airport, with no regulatory approvals or related party transactions involved in the deal.

Recent news on Adani Enterprises:

As of November 27, 2024, Adani Airport Holdings, a subsidiary of Adani Enterprises, acquired a 74% stake in Cococart Ventures, making it a joint venture between Adani Airport Holdings and Cococart Ventures.

Also Read: Stocks in which Govt of Singapore bought fresh stake to look out for

Stock performance of Adani Enterprises for Period of 1 week, 6 months and 1 year:

Adani Enterprises Ltd. has shown a strong 9.11% return over the past week. However, its 6-month performance is down by 20.9%. Over the past year, the stock has posted a modest return of 4.25%, reflecting mixed performance.

Shareholding pattern of Adani Enterprises:

All values in %Sep 2024Jun 2024Mar 2024
Promoter74.90%74.70%72.60%
FII11.30%11.70%14.40%
DII6.50%6.00%5.80%
Public7.40%7.50%7.20%
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About Adani Enterprises:

Adani Enterprises Ltd. (NSE: ADANIENT) is a diversified conglomerate, part of the Adani Group. It operates in sectors such as infrastructure, energy, logistics, and resources, with a focus on strategic projects in ports, airports, and renewable energy.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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