Adani Airport Holdings Ltd (AAHL) will acquire a majority stake in April Moon Retail Pvt Ltd (AMRPL) for a strategic partnership to operate duty free outlets at ariports.
A wholly-owned subsidiary of Adani Enterprises, Adani Airport Holdings Ltd has signed a share subscription agreement with AMRPL and its existing shareholders namely Arjun Ahuja, Karan Ahuja, Aaliya Ahuja and Kabir Ahuja.
AAHL will acquire a 74% stake in the venture for ₹7.40 lakh, Adani Enterprises said in a regulatory filing on Monday.
The share purchase pact is for the "purpose of strategic partnership to operate duty free outletsin airports," it added.
According to the filing, the strategic partnership is to operate duty paid outlets in airports and subscription of shares by AAHL amounting to 74% equity share capital of AMRPL on fulfilment of certain terms and conditions linked with the transaction," it said.
"On completion of subscription, AAHL will subscribe to 74,000 equity shares of face value of ₹10 each, constituting 74% of share capital of AMRPL on fully diluted basis for an aggregate investment of ₹7.40 lakh," it said.