Bharti Airtel to acquire 26% stake in AMPSolar for Rs 8.4 crore

By: |
Published: October 19, 2019 5:25:19 PM

Airtel will subscribe to 84,000 equity shares, equivalent to 26 per cent stake in the company, for Rs 10 each amounting to Rs 8.4 crore.

Bharti Airtel, AMPSolar, Sunil Bharti Mittal, Uttar Pradesh, AMPSolar Evolution, solar power projects Apart from equity, Airtel will also subscribe to 83,160 CCDs of Rs 1,000 each amounting to Rs 8.31 crore.

Telecom operator Bharti Airtel has signed a pact with AMPSolar Evolution to acquire 26 per cent stake in the solar power firm for Rs 8.4 crore. The Sunil Bharti Mittal-led firm has signed an agreement with the renewable energy company to meet the green energy needs and optimise energy costs, as well as to comply with the regulatory requirement around consumption of electricity.

“…the company has entered into an agreement on October 18, 2019 for acquisition of equity shares and compulsory convertible debentures (CCDs) in AMPSolar Evolution Private Limited,” Bharti Airtel said in a late night regulatory filing on Friday.

Also read: Single use plastics: Customers okay with charges on carry bags, here’s why

AMPSolar Evolution is a wholly-owned subsidiary of AMPSolar Technology Private Limited and a special purpose vehicle for the purpose of setting up captive solar power projects in Uttar Pradesh. Airtel will subscribe to 84,000 equity shares, equivalent to 26 per cent stake in the company, for Rs 10 each amounting to Rs 8.4 crore.

Apart from equity, Airtel will also subscribe to 83,160 CCDs of Rs 1,000 each amounting to Rs 8.31 crore. The turnover of AMPSolar Evolution was nil as on March 31, 2019, according to the filing

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1RIL’s Jio, Retail arm balance out slip in Mukesh Ambani’s refining, petrochem business
2Former tax department head KV Chowdary joins Reliance Industries as independent director
3Bharti Airtel to acquire AMPSolar for around Rs 17 crore