Bharti Airtel to acquire stake in SPV for captive power plant

Bharti Airtel Ltd has entered into an Agreement for acquisition of 51,17,000 (11.696%) equity shares in Avaada MHAmravati Private Limited, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws.

The cost of acquisition is INR 5,11,70,000 in aggregate for acquisition of aggregate 51,17,000 equity shares of INR 10/- each.

Avaada MHAmravti is engaged in business to carry on in India or elsewhere the business of establishing, commissioning, setting up, operating and generating of electricity / power supply through renewable energy sources such as wind, solar, bio-mass, hydro, geothermal, co-generation and/ or any other means including transmission, distribution, supply and sale of such power either directly or through transmission lines and facilities of Central I State Governments or Private companies or Electricity Boards to industries and to Central / State Government and other consumers of electricity including captive consumption for any industrial projects promoted by this company or promoter companies and generally to develop, generate, accumulate power at any other place or places and to transmit, distribute, sell and supply such power.

It is a Subsidiary of Avaada Energy Private Limited (Formerly known as Giriraj Renewables Private Limited) which is primarily engaged in the business of development and generation of Energy and establishing, commissioning, setting up, operating and maintaining electric power generating stations based on conventional / non-conventional resources and setting up of infrastructure projects on Engineering, Procuring and Constructing (EPC) contract basis.

Shares of Bharti Airtel Limited was last trading in BSE at Rs. 683.35 as compared to the previous close of Rs. 686.40. The total number of shares traded during the day was 147323 in over 2860 trades.

The stock hit an intraday high of Rs. 689.85 and intraday low of 676.60. The net turnover during the day was Rs. 100814226.00.

Source : Equity Bulls

Keywords

BhartiAirtel INE397D01024 BHARTIARTL StakeAcquisition SPV CaptivePowerPlant