Bharti Airtel to buy 3.33% additional stake in Avaada MHBuldhana, Kanpur, UP

Bharti Airtel Ltd. said it will acquire an additional 3.3% 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% 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. PTI