Adani Group stocks rallied on Monday after the group acquired a 74 per cent stake in Mumbai International Airport Limited (MIAL), which operates India’s second-largest airport in Mumbai. Under the transaction, Adani Group will acquire 50.5 per cent stake of GVK group. Additionally, Adani will also acquire 23.5 per cent stake of minority partners Airport Company of South Africa (ACSA) and Bidvest. ACSA and Bidvest hold 10 and 13.5 per cent stake respectively in MIAL. CLICK HERE TO READ FULL REPORT
Post the development, all the Adani Group stocks were trading in the green. Adani Ports surged over 5 per cent to Rs 378.45 against Friday’s close of Rs 359.60. Adani Enterprises, on the other hand, was trading nearly 1 per cent higher at Rs 290.50. Adani Power was up over 3 per cent while Adani Green hit an all-time high of Rs 497.55.
Meanwhile, GVK Power & Infrastructure was frozen at 5 per cent upper circuit limit of Rs 3.43. In comparison, the benchmark S&P BSE Sensex was trading 0.66 per cent higher at 39,727.91 points.
According to the agreement, Adani Group will acquire GVK’s debt from lenders.
Adani Group has publicly disclosed plans of becoming ‘India’s leading airport operator’, something it also stated in its annual report for FY20. It also stated in the annual report that growing domestic passenger traffic is providing immense opportunity to expand and scale up its business.