Adani Airport Holdings Limited (AAHL), a wholly-owned subsidiary of Adani Enterprises Ltd, has signed a share subscription agreement with April Moon Retail Private Ltd (AMRPL) and its existing shareholders -- Arjun Ahuja, Karan Ahuja, Aliya Ahuja and Kabir Ahuja -- for operating duty-free outlets at airports.
The pact records the terms of subscription of the shares of April Moon Retail by AAHL and a strategic partnership to operate duty paid outlets in airports by AMRPL and AAHL shareholders.
"Strategic partnership to operate duty paid outlets in airports and subscription of shares by AAHL amounting to 74 per cent equity share capital of AMRPL on the fulfilment of certain terms and conditions linked with the transaction," Adani Airport said in a statement.
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On completion of the transaction, Adani Airport will subscribe to 74,000 equity shares of face value of Rs 10 each, constituting 74 per cent of AMRPL's share capital on a fully diluted basis for Rs 7.40 lakh.
Last week, Adani Airport had also inked a share subscription pact with Flemingo Travel Retail Private and Mumbai Travel Retail Private Ltd (MTRPL) to operate "duty-free outlets in airports and seaports."
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Under the pact, Adani Airport will subscribe to 28.49 lakh equity shares of face value of Rs 10 each, constituting 74 per cent of the share capital of MTRPL, on a fully diluted basis for an aggregate investment of Rs 2.84 crore.
Shares of Adani Enterprises closed 5.6 per cent higher at Rs 1,543.55 on the NSE on Monday.
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