New Delhi: Telecom service provider Bharti Airtel has signed agreement to acquire 26 percent stake in the solar power firm, AMPSolar Evolution, the company said in a regulatory filing late on Friday night. "…the company has entered into an agreement on October 18, 2019 for acquisition of equity shares and compulsory convertible debentures (CCDs) in AMPSolar Evolution Private Limited," Bharti Airtel said.
The deal is valued at Rs 8.4 crore.
The agreement has been signed with the renewable energy firm to meet Bharti Airtel's green energy needs and optimise energy costs, as well as to comply with the regulatory requirement around the consumption of electricity.
Airtel will subscribe to 84,000 equity shares, equivalent to 26 per cent stake in the company, for Rs 10 each amounting to Rs 8.
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4 crore. Apart from equity, Airtel will also subscribe to 83,160 CCDs of Rs 1,000 each amounting to Rs 8.31 crore.
AMPSolar Evolution is a wholly-owned subsidiary of AMPSolar Technology Private Limited and a special purpose vehicle for the purpose of setting up captive solar power projects in Uttar Pradesh.
AMPSolar Evolution's turnover was nil as on March 31, 2019, according to the filing.