Bharti Airtel To Buy 3.33% Additional Stake In Avaada MHBuldhana
The Bharti Airtel Ltd. logo sits on company’s retail store in Mumbai, India. (Photo: Dhiraj Singh/Bloomberg)

Bharti Airtel To Buy 3.33% Additional Stake In Avaada MHBuldhana

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Bharti Airtel Ltd. said it will acquire an additional 3.3% stake in special purpose vehicle Avaada MHBuldhana that has been formed for owning and operating a captive power plant.

The Sunil Bharti Mittal-led firm has earlier acquired 5.2% stake in Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.

"...we wish to inform you that the company has further agreed on March 22, 2021 for acquisition of additional 2,914,100 equity shares , approximately 3.33 per cent, ....in Avaada MHBuldhan Private Limited, a special purpose vehicle formed for the purpose of owning and operating captive power plant, in terms of the regulatory requirement for captive power consumption under electricity laws," Airtel said in a regulatory filing.

The transaction is expected to be completed by April 30, the filing said.

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