Nxtra Data Ltd to acquire 11.334% in SPV for Captive Power Plant

Nxtra Data Limited, a subsidiary of Bharti Airtel Limited has entered into an Agreement for acquisition of 11.334% equity stake in Avaada KNShorapur 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.

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.

It is a Subsidiary of Avaada Indiclean Private Limited which is primarily engaged in the business to act as a Special Purpose Vehicle (SPV) created by Avaada Energy Private Limited to develop, execute, manage and run upto 50 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.

Shares of Bharti Airtel Limited was last trading in BSE at Rs. 709.25 as compared to the previous close of Rs. 706.25. The total number of shares traded during the day was 163661 in over 6892 trades.

The stock hit an intraday high of Rs. 714.40 and intraday low of 705.80. The net turnover during the day was Rs. 116281861.00.

Source : Equity Bulls

Keywords

BhartiAirtel INE397D01024 NxtraData StakeAcquisition SPV CaptivePowerPlant