Bharti Airtel has acquired around a 9 per cent stake in renewable energy firm Avaada Clean TN Project for about Rs 7.88 crore in an all-cash deal, according to a regulatory filing.
Bharti Airtel acquired a stake in Avaada to comply with regulatory requirements for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy, the company said in a regulatory filing on Wednesday.
According to the filing, the company has paid “Rs 7,88,51,500 in aggregate for the acquisition of aggregate 78,85,150 equity shares of Rs 10 each,” accounting for a 9.012 per cent stake.
