Bharti Airtel Limited on Wednesday signed an agreement for acquisition of 2,83,400 or 12.07 per cent stake in Egan Solar Power Private Limited, the company announced through an exchange filing. The company bought 2,83,400 shares at the premium of Rs 37.20 aggregating to Rs 1,33,76,480.
The completion of the acquisition is subject to the receipt of all consents, permissions required to be obtained by Egan Solar from regulatory authority for open access for captive consumption of electricity.
Egan Solar Power
Egan Solar Power Private Limited is engaged in the business of establishing, commissioning, setting up, operating and generating of electricity/ power supply through renewable energy sources such as solar, 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 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.
Vibrant Energy Holdings
It is a subsidiary of Vibrant Energy Holdings Pte Ltd (Singapore entity) 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 non-conventional resources and setting up of infrastructure projects on Engineering, Procuring and Constructing (EPC) contract basis and delivering sustainable energy solutions to the corporate and industrial (C&I) segment across multiple sectors.
The shares of Bharti Airtel on Thursday at 11:29 am IST were trading at Rs 837.65, down by 0.16 per cent.