Nxtra Data, a subsidiary of the Bharti Airtel, has entered into a partnership to buy 5.1 million equity shares in Avaada MHAmravati Private Ltd. which amounts to an 11.696 per cent stake in the company.
The transaction was carried out at Rs 10 per equity share, taking the total investment to Rs 5.12 crore.
“In terms of Regulation 30 of the SEBI Listing Regulations, we wish to inform you that Nxtra Data Limited, a subsidiary of the Company has entered into an Agreement for the acquisition of 51,17,000 (11.696 per cent) equity shares in Avaada MHAmravati Private Limited, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws,” the company said in a stock exchange filing.
Avaada MHAmravati is a subsidiary of Avaada Energy Private Limited (Formerly known as Giriraj Renewables Private Limited) which is primarily engaged in the business of development and generation of Energy and establishing, commissioning, setting up, operating and maintaining electric power generating stations based on conventional/non-conventional resources and setting up of infrastructure projects on Engineering, Procuring and Constructing (EPC) contract basis.
Earlier this year Nxtra acquired an 11.33 per cent equity stake in Avaada KNShorapur Private Limited.
Avaada KNShorapur is engaged in business to act as a Special Purpose Vehicle (SPV) under Avaada Indiclean Private Limited to develop, execute, manage and run upto 10 MW Solar Power Generation Plant(s) in the State of Karnataka in accordance with the policy of the Government of Karnataka relating to production, supply, and distribution of solar energy.