Adani Enterprises will soon begin selling online train tickets after the company on Friday announced that it has signed a share purchase agreement (SPA) with Stark Enterprises Private Limited.
The company in a BSE filing said that the share purchase agreement has been signed for a 100 per cent acquisition in Stark Enterprises, which is an online train booking and information platform, also known as Trainman.
Adani Enterprises informed the market regulators about the agreement and said, "With reference to the captioned subject, we would like to inform you that Adani Digital Labs Private Limited (“ADL”), a wholly-owned subsidiary of the Company has signed a Share Purchase Agreement (“SPA”) in relation to its proposed acquisition of 100% stake in Stark Enterprises Private Limited (“SEPL”), also known as Trainman, an online train booking and information platform.
The company informed the market regulator about the purpose of the agreement and said, "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."
With this acquisition, Adani Enterprises will be able to challenge the monopoly of the Indian Railways Catering and Tourism Corporation (IRCTC) in its online train ticket booking business.
Adani Enterprises' share bottomed out at about Rs 1,195 apiece levels on the National Stock Exchange (NSE) in February 2023, after a heavy sell-off was caused by the Hindenburg Research report.
The shares bounced back in less than four months' time to Rs 2,505 apiece levels on Friday last week and logged in over 100 per cent rise.
Meanwhile, IRCTC's share has remained under the base building mode after ushering in November 2022, However, it gave some upside movement in the last month, when it delivered nearly nine per cent return.