Shares of Ad Enterprises moved up by over 5 per cent on Monday afternoon to hit a 52-week high after its subsidiary Ad Airports completed the acquisition of 23.5 per cent stake in Mumbai Airport.
At 1 pm, the company's stock was trading 5.36 per cent higher on BSE Ltd at Rs 627.50 per unit.
The Gautam Ad-led conglomerate completed the acquisition of 23.5 per cent equity stake in Mumbai International Airport Ltd (MIAL) from Airports Company South Africa (ACSA) and Bid Services Division (Mauritius) Ltd for Rs 1,685.2 crore.
The Indian multinational is set to extend shareholding to 74 per cent in MIAL, a joint venture between the Airports Authority of India and GVK Industries, which will provide the group ownership of the upcoming Navi Mumbai airport in which MIAL holds majority stake.
Ad Airport Holdings Ltd (AAHL), a wholly-owned subsidiary of Ad Enterprises, has bought 28.2 crore equity shares in MIAL which operates the country's largest airport after New Delhi.
"AAHL, the flagship holding company of Ad Group for its airports business and a wholly-owned subsidiary of Ad Enterprises Ltd, has acquired 23.5 per cent equity stake, that is 28,20,00,000 equity shares of Rs 10 of Mumbai International Airport Ltd from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd (Bidvest)," the company said in regulatory filings at stock exchanges.
MIAL is engaged in the business of development, construction and operation of Chhatrapati Shivaji Maharaj International Airport.
In August last year, Ad Group had signed an agreement with GVK Group to acquire its 50.5 per cent stake in Mumbai airport. The deal also included acquisition of 23.5 per cent stake held by the two South African compes.
The Airports Authority of India (AAI) holds the remaining 26 per cent shareholding.
( With inputs from ANI )
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