Adani Enterprises Ltd. has acquired a 26% equity stake in Gidhmuri Paturia Collieries Pvt., making it a wholly-owned subsidiary, the company announced on Thursday. The stake was purchased from Sainik Mining and Allied Services Ltd.
AEL acquired 2,600 equity shares of face value of Rs 10 each constituting 26% of share capital of GPCPL for an aggregate investment of Rs 26,000, according to an exchange filing.
The filing also confirmed that the indicative timeline for the acquisition has been successfully completed.
GPCPL, established on Mar. 30, 2019, specialises in the development and operation of coal and mineral mines. The company reported no turnover for fiscal 2024, as per the filing.
According to the filing, the acquisition aligns with the company's objectives to develop and operate coal and mineral mining assets, reinforcing its presence in the sector.
The announcement was made after the market hours.
Shares of Adani Enterprises closed 1.17% higher at Rs 2,400.25 apiece on the NSE, compared to 0.1% advance in the benchmark Nifty 50 index. It has declined 16.23% in the last 12 months and 15.75% on a year-to-date basis.
Three analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 77.3%.
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