Mumbai: Stocks of Adani Enterprises showed signs of a short rally with more shares being traded in the session than the 2 week average on the Bombay Stock Exchange. On the NSE, 5.34 lakh shares exchanged hands. The company on Friday had notified the exchanges about acquiring stakes in a company.
In trade on Friday, Adani Enterprises announced that its wholly owned subsidiary Adani Road Transport Limited had executed a share purchase agreement a day ago with officials of DP Jain & Co Infrastructure Private Limited and DPJ DRA Tollways Private Limited for a 100% stake in DPJTOT.
The total value of the stake sale has been reported at ₹1,342 crores.
Objective of the deal
For its outlook report last year, Adani Enterprises' had outlined that the broader objective were to consolidate infrastructure and mobility verticals. One can hence assume that this acquisition is in line with acquiring operational toll projects to enhance road network portfolio of Adani Road Transport. Not much has been elaborated in Adani's filings about DPJDOT, however an ICRA release quotes a downgrade of DPJDOT to B+ rating in 2025.
