Adani Enterprise looks to sell rail tickets online with Stark Enterprises’s acquisition; deal to end.
Adani Enterprises has entered into a share purchase agreement to buy an entire stake in Stark Enterprises Private Limited, an online rail ticketing service. The share price of IRCTC has risen somewhat, yielding a 9% gain.
When it comes to selling train tickets online, the Indian Railway Catering and Tourism Corporation (ITCTC) may soon face competition from Adani Enterprise. Adani Enterprises declared its intentions on Friday, informing Indian stock markets that it has signed a share purchase agreement to buy a 100% stake in Stark Enterprises Private Limited, a website that provides online rail ticketing service.
According to Adani Enterprises’s announcement on Indian stock exchange, “Adani Digital Labs Private Limited (“ADL”), has entered into a share purchase agreement to buy an entire stake in Stark Enterprises Private Limited.”
According to Adani Enterprises, which supplied details on the pact’s objectives, “the SPA records the terms of agreement with respect to the acquisition of 100% equity shares of SEPL and the inter se rights and obligations and other matters in connection therewith.”
Following a large sell-off sparked by the Hindenburg Research study, the NSE price of Adani Enterprises shares bottomed out at around $1195 per share at the end of February 2023. The share price of Adani Enterprises concluded last week at about $2505 per piece, rebounding from its YTD lows and representing a more than 100% increase in less than four months.
ITCTC’s share price recently peaked at $645 per share and closed Friday’s trading at $666 per share on the NSE.
