Adani Power terminates pact to buy 49% stake in Odisha Power Gen Corp
NEW DELHI : Adani Power on Thursday said the agreement to acquire 49% stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation, is formally junked now.
The Odisha government, which holds 51% stake in OPGC, had exercised Right of First Refusal (RoFR) to purchase the 49% stake held by AES.
In June this year, Adani Power had announced inking a share sale and purchase agreement (SSPA) to acquire from AES OPGC Holding and AES India Pvt Ltd (collectively referred as sellers) total 89,30,237 equity shares held in OPGC representing 49% of the total issued, paid-up and subscribed equity share capital.
“The sellers have intimated (on) December 24, 2020 that Government of Odisha…have exercised their RoFR to purchase (49%) shareholding in OPGC.
