The definitive agreements for the Transaction were signed on December 11, 2019, and all the requisite approvals were received subsequently.
AEML has recently completed an investment grade, USD 1 billion bond issuance, the first by a private integrated utility from India. The issue generated significant interest from international investors and was oversubscribed by 5.9x.
Entire equity proceeds of 25.1% stake sale in AEML has been used by ATL towards return of the Perpetual to the tune of Rs1,209.62cr in favor of contributory promoter entity. Perpetual was infused by Promoter entity to acquire AEML. Post return of Rs1,209.62cr, Promoter Perpetual outstanding has got reduced to Rs2,544.38cr.
AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai, the world’s seventh largest city by size of population. AEML’s market share of Mumbai is approximately 87% by license area, 67% by consumers served and 55% by electricity supplied.
Adani Transmission Ltd is currently trading at Rs333.50 up by Rs1.65 or 0.5% from its previous closing of Rs331.85 on the BSE.