Nxtra Data acquires 5.464% stake in Avaada MHAmravati for Rs 2.40 crore

31 Mar 2023 , 10:14 AM

Bharti Airtel Limited informed that its subsidiary Nxtra Data Limited has entered into an agreement for acquisition of a 5.464% additional stake in Avaada MHAmravati Private Limited.

Avaada MHAmravati is a special-purpose vehicle established with the specific goal of possessing and managing the Captive Power Plant. This is in compliance with regulatory mandates that stipulate the use of captive power for consumption, as outlined in the electricity laws.

Earlier, in June 2022, the company acquired 51, 17,000 equity shares of the SPV for Rs 5.12 crore, aggregating to an 11.696% stake.

Now, the company has acquired 2,390,500 equity shares for Rs 2.40 crore, constituting a 5.464% stake in SPV.

Avaada MHAmravati is Avaada Energy Private Limited’s subsidiary, previously known as Giriraj Renewables Private Limited. The primary focus of Avaada Energy is to develop and produce energy resources.

At around 10.11 AM, Bharti Airtel was trading 0.76% higher at Rs749.25, against the previous close of Rs743.60 on NSE. The counter touched an intraday high and low of Rs752.95 and Rs742.05 respectively.

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