Bharti Airtel surges 2% on acquisition of 9.012% stake in Avaada CleanTN Project

10 Mar 2022 , 09:54 AM

Bharti Airtel’s stock opened at a higher note today as the telecom operator announced the acquisition of a 9.012% equity stake in Avaada CleanTN Project Private Limited, a special purpose vehicle formed to own and operate the Captive Power Plant.

Avaada has an SPV capacity of 50MWac/65 MWdc.

The company has acquired a 9.012% stake in Avaada for consideration of Rs7.90 crore for the acquisition of aggregate 7,885,150 equity shares of Rs10 each.

Avaada is engaged in the business, in India or elsewhere, of establishing, commissioning, setting operating, and generating of electricity/ power supply through renewable energy sources such as wind, solar, biomass, hydro, geothermal, cogeneration, and/ or any other means including transmission, distribution, supply and sale of such power either directly or through transmission lines and facilities of Central / State Governments or Private companies or Electricity Boards to industries and to Central/State Government and other consumers of electricity including captive consumption for any industrial projects promoted by this company or promoter companies and generally to develop, generate, accumulate power at any other place or places and to transmit, distribute, sell and supply such power.

Bharti Airtel opened at Rs705.30 against its previous closing price of Rs691.45 on BSE. It is currently trading 2.23% higher at Rs706.85. So far, it’s intraday high and low are Rs707.30 and Rs695.60 respectively.