Adani acquires 51% stake of PLR Systems Private Limited

Adani Land Defence Systems and Technologies Limited - a step down subsidiary of Adani Enterprises Ltd has acquired 51% stake (61,40,722 Equity Shares of Rs. 10 each) of PLR Systems Private Limited from Fouraces Systems India Private Limited on 10th September, 2020.

PLR Systems was incorporated in 2013 and is engaged in the manufacture and supply of indigenously manufactured defence equipment to the Armed Forces countries.

Through the acquisition of a majority stake in PLR, Adani and IWI (existing shareholder in PLR) shall be able to provide indigenously manufactured defence equipment to the 1.2million Army personnel and an equal number of para-military forces and state police forces and shall help achieve self-reliance aligned to the Make in India and Atma-Nirbhar Bharat initiative.

The transaction has been completed by way of a cash transaction with one of the existing shareholders of PLR Systems Private Limited. The approval from Ministry of Home Affairs has been taken for the above acquisition.

Shares of ADANI ENTERPRISES LTD. was last trading in BSE at Rs.295.85 as compared to the previous close of Rs. 298.15. The total number of shares traded during the day was 538669 in over 4617 trades.

The stock hit an intraday high of Rs. 303.6 and intraday low of 292.3. The net turnover during the day was Rs. 160888602.

Source : Equity Bulls

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