Bharti Airtel has acquired a 3.33% stake in special purpose vehicle Avaada MHBuldhana that was formed for the purpose of owning and operating the Captive Power Plant
“…the Company has further …for acquisition of additional 2,914,100 equity shares (approx. 3.33%) at Rs. 10/- per equity share in Avaada MHBuldhana 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,” said the telco in a late-night notice on BSE on Monday.
This is the second such acquisition in Avaada MHBuldhana for Airtel, the previous one being a 5.2% stake for Rs 4.55 crore in an all-cash deal.
The indicative time for completion of the acquisition is April 30, 2021, said the statement.
The telco on Monday also allotted around 36.47 million preferential shares to a Warburg Pincus affiliate at Rs 600 apiece in addition to Rs 1,038 crore in cash to buy out the US fund house’s 20% stake in its DTH arm, Bharti Telemedia.
