Adani Enterprises has announced its intention to venture into the online train ticketing market. The company revealed that it has signed a share purchase agreement to acquire 100% ownership of Stark Enterprises Private Limited (SEPL), which operates Trainman, a well-known online platform for train booking and information.
According to the filing submitted to the Securities and Exchange Board of India (SEBI), Adani Enterprises’ subsidiary, Adani Digital Labs Private Limited (ADL), has executed the Share Purchase Agreement (SPA) for the proposed acquisition of SEPL. The SPA outlines the terms of the agreement, including the acquisition of all equity shares of SEPL and the associated rights, obligations, and other relevant details.
Adani Enterprises faced a decline in its share price earlier this year, reaching a low of around ₹1195 per share on the National Stock Exchange (NSE) following a significant sell-off triggered by a report from Hindenburg Research. However, the company’s shares have since rebounded and experienced substantial growth, closing at approximately ₹2505 per share last week. This represents a surge of over 100% in less than four months.
On the other hand, the share price of IRCTC, another player in the railway sector, has been consolidating since November 2022. Although it showed some upward movement in the past month, yielding a return of around 9%.
Recent trading saw a breakout for IRCTC’s share price, surpassing the ₹645 per share level and concluding at ₹666 per share on the NSE at the end of Friday’s trading session.
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