Bharti Airtel said it will acquire an additional 3.3 per cent stake in special purpose vehicle Avaada MHBuldhana that has been formed for owning and operating a captive power plant.
The Sunil Bharti Mittal-led firm has earlier acquired 5.2 per cent stake in Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.
"…we wish to inform you that the company has further agreed on March 22, 2021 for acquisition of additional 2,914,100 equity shares , approximately 3.33 per cent, ….in Avaada MHBuldhan Private Limited, a special purpose vehicle formed for the purpose of owning and operating captive power plant, in terms of the regulatory requirement for captive power consumption under electricity laws," Airtel said in a regulatory filing.
The transaction is expected to be completed by April 30, the filing said.