Adani Enterprises has announced its plans to enter the online train ticketing market by acquiring 100% stake in Stark Enterprises Private Limited (SEPL), also known as Trainman. SEPL is a popular platform for booking and obtaining information about train travel. Adani Enterprises, through its subsidiary Adani Digital Labs, has signed a Share Purchase Agreement (SPA) for this acquisition.
The agreement outlines the terms of acquiring the equity shares of SEPL and the associated rights and obligations. The filing with the Securities and Exchange Board of India (SEBI) provides the regulatory disclosure regarding this agreement.
Adani Enterprises’ stock experienced a decline in February 2023 due to a report by Hindenburg Research, but it has since rebounded and recorded a significant increase of over 100% in less than four months, reaching around ₹2505 per share.
On the other hand, the share price of IRCTC, the Indian Railway Catering and Tourism Corporation, has been in a base building phase since November 2022. However, it has shown some upward movement in the past month, delivering a return of approximately 9%.
Recently, the share price of IRCTC broke out at ₹645 per share and closed at ₹666 per share on the National Stock Exchange (NSE) at the end of Friday’s trading.