Adani’s April Moon Retail Acquires 74% Stake In Cococart Ventures For ₹200 Crores

April Moon Retail Private Limited (AMRPL) a joint venture company of Adani Airport Holdings Limited (AAHL) has acquired 74 per cent stake in Cococart Ventures Private Limited (CVPL), the company announced through an exchange filing.

With this acquisition, AMRPL will acquire 14,73,518 equity shares, representing 36.96 per cent of CVPL, alongside a subscription of 14,76,471 shares that will provide an additional 37.04 per cent ownership.

The overall investment totals Rs 200 crores, all in cash, the company added in the BSE filing.

About Cococart Ventures

The company was founded on September 12, 2020 and developed its business model in buying, selling, labelling, relabelling, reselling, importing, exporting, transporting, storing, promoting, marketing or supplying, trading, dealing in any manner whatsoever in all type of goods on retail as well as wholesale basis or to run café in India or elsewhere, said in the regulatory filing.

The company recorded a turnover of Rs 99.63 crore in the financial year 2022-23.

Objects and effects of acquisition

According to the exchange filing, the company added, "The SPA has been executed for inter alia AMRPL to acquire 14,73,518 (Fourteen Lakhs Seventy Three Thousand Five Hundred and Eighteen only) equity shares constituting to a total of 36.96% (thirty six decimal ninety six percent) of CVPL."

"The SSA has been executed for inter alia AMRPL to subscribe to up to 14,76,471 (Fourteen Lakhs Seventy Six Thousand Four Hundred and Seventy One only) equity shares constituting to a total of 37.04% (thirty seven decimal zero four percent) of CVPL," the company added.

"The JVA has been executed to define the mutual rights and obligations of AMRPL and the existing shareholders of CVPL in order to operate CVPL as a joint venture company and regulate the terms and conditions of the commercial understanding with respect to the management and governance of the CVPL to develop its business in accordance with the terms thereof," said the company in the filing.

Adani Enterprises shares

The shares of Adani Enterprises on Friday ended the week at Rs 3,137.65, up by 0.48 per cent.