Bharti Airtel has decided to acquire additional 2,914,100 equity shares or 3.33% at Rs10 per equity share in Avaada MHBuldhana Private Limited which is a special purpose vehicle formed to own and operate the Captive Power Plant.
Avaada MHBuldhana is a Group Company of Avaada Energy Private Limited ('AEPL'), AEPL is a pioneer of the Indian solar industry. An early entrant, through its associate companies, the organization had developed a portfolio of over 1 GW solar and wind projects across the country and the first Independent Power producer (IPP) to cross the 1 GW installed capacity milestone in India. Along the way they were able to attract investors into renewable portfolio from the likes of ADB, FMO - France, Proparco - Netherland and DEG - Germany as a testament to quality.
The acquisition is expected to complete by March 31, 2021.
At around 11.39 am, Bharti Airtel was trading at Rs523.20 per piece down by 0.89% on Sensex. The stock has touched an intraday high and low of Rs530.80 per piece and Rs522.80 per piece in early deals.