Adani's flagship company witnessed a surge in its shares on Thursday after the company announced the acquisition of a 100 per cent stake in France-based Le Marche Duty Free SAS (LMDF) for 5,000 euros.
Adani Enterprises witnessed a surge in shares after announcing the acquisition of 100 per cent stake in France's LMDF for 5,000 euros
Adani's flagship company witnessed a surge in its shares on Thursday after the company announced the acquisition of a 100 per cent stake in France-based Le Marche Duty Free SAS (LMDF) for 5,000 euros.
LMDF, incorporated in France on February 7, 2024, was established to operate duty-free business within the country. The sole shareholder of LMDF is Mr. Atul Ahuja, who is the promoter of Flemingo Group. The company has obtained 5000 shares of LMDF, each with a nominal value of one (1) euro, from Mr. Atul Ahuja.
At 9:30 am, the shares of Adani Enterprises were trading at Rs 3,260 price level, up by almost a per cent or 26 points on NSE.
While LMDF is yet to commence business operations, "the acquisition is of strategic nature in the interest of Mumbai Travel Retail Private Limited (MTRPL)," the company stated in its exchange filing.
Last year, the Adani Group, which is a big player in India's airport operations, announced its plans to enter the duty-free industry. This initiative involved the establishment of a wholly-owned subsidiary called MTRPL Macau Ltd, aimed at building duty-free shops at Macau International Airport.
On an annual basis, the shares of Adani Enterprises have given a return of almost 60 per cent on NSE.
Last week, the group's green arm, Adani Green Energy, announced its plans to issue its first bond deal after the Hindenburg case. The company's $409 million bond offering attracted seven times oversubscription from international investors.