Bharti Airtel to acquire 12% stake in Egan Solar
New Delhi : Bharti Airtel has entered into an Agreement for acquisition of 283,400 (12.07%) equity shares in Egan Solar Power 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 will acquire 283,400 equity shares for Rs.13.3 million at Rs.10 each at a securities premium of INR 37.20/- each.
Egan Solar Power Private Limited is engaged in business to carry on in India, 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.
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.