Adani Power on Tuesday said it will seek shareholders’ approval for the proposed related-party transaction worth up to Rs 5,000 crore with AdaniConnex Pvt Ltd (ACPL) during its annual general meeting on July 27.
The transaction involves sale by Adani Power (APL) of its SPVs (Special Purpose Vehicle)/ subsidiaries in which ownership and/or leasehold rights in land or land parcels have been procured by APL to its related party ACPL, according to the notice for AGM (Annual General meeting).
The ACPL is an indirect associate company of APL and both the companies are related parties as on date of this AGM notice, it said, adding that the aggregate value of the transaction is up to Rs 5,000 crore to be entered during FY23.
