Adani Green Energy rises 2% on CCI nod to Total SE arm's acquisition

NEW DELHI: Shares of Adani Green Energy climbed 2 per cent in Tuesday's trade after the competition watchdog CCI said it has approved acquisition of share capital in Adani Green Energy by a subsidiary of Total SE.

"Commission approves acquisition by Total SE via its subsidiary Total Renewables SAS in share capital of Adani Green Energy Limited," the regulator said in a tweet.

In a separate tweet, CCI gave nod to acquisition of 100 per cent equity interest and joint control in Virtusa Corporation by Baring and other investors.

The transaction involves acquisition of 100 per cent equity interest and joint control in Virtusa by an entity wholly-owned by funds affiliated with Baring Private Equity Asia, Austin HoldCo and co-investors Atago Investment Pte Ltd (GIC Investor) and CPP Investment Board Private Holdings (CPPIB).

Following the development, the stock rose 2.32 per cent to hit a high of Rs 990.50 on BSE.

The proposed combination is in line with the respective business objectives of Baring Private Equity Asia and the co-investors, a notice filed with CCI said.

"From Virtusa's perspective, the Proposed Combination allows Virtusa to maximize value and deliver a significant, immediate cash premium to Virtusa's shareholders," it added.

In addition, the regulator in a tweet said the "Commission approves acquisition of stake in Ecom by PG Esmeralda (Partners Group)."

The acquisition would be through purchase and subscription of shares of Ecom Express Pvt Ltd by PG Esmeralda, a CCI notice said.