Adani Enterprises Divests Entire Stake In Subsidiary

Adani Enterprises Ltd. has divested its entire stake in Vizag Tech Park Ltd. for Rs 151 crore to Adani Infrastructure and Developers Pvt. Ltd

Post the disinvestment, Vizag Tech Park is no longer a wholly owned subsidiary of the company, an exchange filing said on Feb. 29.

The transfer of equity and compulsory convertible debentures related to the above divestment were approved by the board of Vizag Tech Park in a meeting held on Feb. 29, according to the filings.

Adani Infrastructure and Developers was incorporated in India and registered with the Registrar of Companies, Gujarat.

Shares of Adani Enterprise closed 2.28% higher at Rs 3,290.35 apiece, compared to a 0.27% rise in the benchmark BSE Sensex.