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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
