Avaada Energy appoints Bank of America to raise around $220 mn via stake sale
NEW DELHI : Avaada Energy Pvt. Ltd plans to raise about $220 million by selling a stake in the clean energy company and has appointed Bank of America to handle the process, said two people aware of the matter, in potentially one of the biggest renewable energy deals in India so far.
Avaada Energy has so far received indicative term sheets from three potential investors, said the people cited above, requesting anonymity. The first person cited above said the company plans to raise the funds by selling around 20-22% stake.
“Three indicative term sheets have been received for the stake sale in Avaada Energy. Bank of America is running the sales process for the stake sale,” the person said, requesting anonymity.
