Adani Enterprises Ltd. said on Thursday that one of its subsidiaries terminated a share price agreement to acquire stakes in Swarna Tollway Pvt. and Gujarat Road and Infrastructure Co.
The deal was signed between Adani Road Transport Ltd., a wholly owned subsidiary of the company, and MAIF Investments India Pte and MAIF Investments India 3 Pte, it told the exchanges.
The company terminated the deal "due to non-satisfaction of conditions to closing by the seller within the agreed timeline under the share purchase-agreement", the exchange filing said.
Adani Road Transport had signed a deal with MAIF on Aug. 4, 2022, to acquire 100% stake in Swarna Tollway Pvt. and 56.8% stake in Gujarat Road and Infrastructure Co.
According to an earlier exchange filing, the acquisition cost was to be done at an enterprise value of Rs 3,110 crore
The Adani Enterprises stock slipped 0.08% on Thursday to close at Rs 2,492.25 apiece, as compared with a 0.31% drop in the benchmark S&P BSE Sensex, which closed at 62,428.54.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
