Adani’s April Moon Retail Acquires 74% Stake In Cococart Ventures For ₹200 Crores
**April Moon Retail Private Limited Acquires 74% Stake in Cococart Ventures Private Limited**
April Moon Retail Private Limited (AMRPL), a joint venture company of Adani Airport Holdings Limited (AAHL), has acquired a 74 percent stake in Cococart Ventures Private Limited (CVPL), the company announced through an exchange filing.
As part of this acquisition, AMRPL will purchase 14,73,518 equity shares, representing 36.96 percent of CVPL. Additionally, AMRPL will subscribe to 14,76,471 shares, providing an additional 37.04 percent ownership in the company. The overall investment amounts to Rs 200 crores, paid entirely in cash, according to the BSE filing.
### About Cococart Ventures
Founded on September 12, 2020, Cococart Ventures Private Limited operates in diverse areas, including buying, selling, labelling, relabelling, reselling, importing, exporting, transporting, storing, promoting, marketing, and supplying goods both on retail and wholesale bases. The company is also engaged in running cafés within India and potentially elsewhere.
In the financial year 2022-23, Cococart Ventures recorded a turnover of Rs 99.63 crore, highlighting its steady growth.
### Objects and Effects of Acquisition
The exchange filing detailed the terms of the acquisition:
– A Share Purchase Agreement (SPA) was executed for AMRPL to acquire 14,73,518 equity shares, constituting 36.96% of CVPL.
– A Share Subscription Agreement (SSA) was signed for AMRPL to subscribe to an additional 14,76,471 equity shares, amounting to 37.04% ownership of CVPL.
– A Joint Venture Agreement (JVA) was put in place to outline the mutual rights and obligations of AMRPL and the existing shareholders of CVPL. This agreement regulates the management, governance, and commercial terms necessary to operate CVPL as a joint venture company and to further develop its business.
### Adani Enterprises Shares Update
In related market activity, shares of Adani Enterprises closed the week at Rs 3,137.65 on Friday, marking a modest increase of 0.48 percent.
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*Image: Representative image from Wikipedia*
https://www.freepressjournal.in/business/adanis-april-moon-retail-acquires-74-stake-in-cococart-ventures-for-200-crores
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