Friday, June 24, 2022

Adani Power acquires infra development firms SPPL and EREPL for over Rs 609 crore

The cost of acquisitions was Rs 280.10 crore for SPPL and Rs 329.30 crore for EREPL, Adani Power said in a BSE filing

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New Delhi: Adani Power on Monday completed the acquisition of 100 percent equities in SPPL and EREPL for about Rs 609 crore. On June 7, 2022, Adani Power had signed a share-purchase agreement to acquire 100 per cent equity shares of two companies, viz. Support Properties Private Ltd (SPPL) and Eternus Real Estate Private Ltd (EREPL) from their respective shareholders.

“All the related steps/activities for acquisition of 100 per cent equity shares of SPPL and EREPL have now been completed,” a BSE filing stated.

Earlier this month, the company had stated in a filing that the cost of acquisitions was Rs 280.10 crore for SPPL and Rs 329.30 crore for EREPL. The consideration for the acquisition was cash.

SPPL is yet to commence commercial activities. Its authorised share capital is Rs 74,01,00,000 and paid-up share capital is Rs 67,91,00,000. It is involved in infrastructure development activities. The object of the acquisition is to set up infrastructure facilities.

EREPL has also not commenced commercial activities. Its authorised share capital is Rs 80,01,00,000 and paid-up share capital is Rs 74,01,00,000. The consideration for the acquisition was cash.

(With PTI inputs)

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