Adani Road Transport, a subsidiary of Adani Group's flagship company Adani Enterprises, has scrapped a ₹3,110 crore share purchase agreement signed with Macquarie Asia Infrastructure Fund (MAIF) in August last year to acquire stakes in two road projects.
The Gautam Adani-led conglomerate had signed a deal to acquire a 100% stake in Swarna Tollway Pvt Ltd and 56.8% Gujarat Road and Infrastructure Company Ltd.
"We would like to inform that due to non-satisfaction of conditions to closing by the Seller within the agreed timeline under the Share Purchase Agreement, the Purchaser has decided to terminate the Share Purchase Agreement and accordingly, notices to that effect has been issued by the Purchaser as well as the Company to the Sellers," Adani Enterprises says in a stock exchange filing.
In a separate development, the National Stock Exchange (NSE) and BSE removed the securities of Adani Enterprises from the short-term ASM framework on Friday.
The ports-to-power conglomerate's flagship company was put under the short-term additional surveillance measure (ASM) framework by the bourses in May. The short-term ASM mechanism gets triggered under certain conditions of price volatility in any stock. Bourses impose trading restrictions on stocks under the ASM framework to curb volatility and protect retail investors.
The Adani Enterprises stock was first put under the ASM framework in February, a week after U.S. short-seller Hindenburg Research released its report accusing the Adani group of "a brazen stock manipulation".
Shares of Adani Enterprises fell around 1% in intraday trade on Friday to ₹2,470 apiece on the NSE. The company's market capitalisation stood at ₹2.81 lakh crore. On May 22, the stock rose 17% after the Supreme Court-constituted committee concluded that there was no regulatory failure on the allegations of stock price manipulation.
In March, the Supreme Court formed a panel headed by retired judge, Justice AM Sapre, to examine the alleged violation of market laws by Adani Group and its listed companies. The SC-appointed expert committee said that the market regulator Securities and Exchange Board of India (SEBI) found that six entities took short positions before the Hindenburg report was released and profited by squaring off their positions.
Adani Enterprises reported a 138% rise in consolidated net profit at ₹722.48 crore during the January-March quarter, as compared with ₹304.32 crore in the same quarter last year. The company's consolidated revenue surged 26% to ₹31,346.05 crore during the fourth quarter from ₹24,865.52 crore in the year-ago period, aided by a strong performance in integrated resource management (IRM) and airports business.
