Bharti Airtel picks up 12.07% stake in SPV Egan Solar

22 Jun 2023 , 12:16 PM

Bharti Airtel Limited informed that the company has entered into an agreement for acquiring 12.07% equity shares in Egan Solar Power Private Limited, a special-purpose vehicle established to own and operate the Captive Power Plant.

The company has undertaken the said transaction to comply with the regulatory requirement for captive power plants as per the provisions of the Electricity Act, 2003 and Indian Electricity Rules, 2005, and procurement of cost-effective renewable energy.

The company stated in its filing with the bourses the acquisition completion is subject to the receipt of all approvals that are required to be obtained from the regulatory authority for getting open access to captive electricity consumption.

The company has acquired the said stake for a consideration of Rs 1.34 crore. The acquisition of 2,83,400 shares of Rs 10 each is at a premium of Rs 37.20 each.

Egan Solar Power Private Limited is engaged in the business of establishing, commissioning, setting up, operating, and generating electricity/power supply through renewable energy sources.

Egan Solar Power is a subsidiary of Vibrant Energy Holdings Pte Ltd, a Singapore-based entity that mainly focuses on developing and generating energy. Their core activities involve establishing, commissioning, setting up, operating, and maintaining electric power generating stations that rely on non-conventional resources.

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