Bharti Airtel advances on acquiring 9% stake in Avaada CleanTN Project
Bharti Airtel rose 1.97% to Rs 705.10 after the company said that it has entered into an agreement resulting into acquisition of aggregate 9.012% equity stake in Avaada CleanTN Project.
The teleco would be acquiring 7,885,150 equity shares of Rs 10 each for a cash consideration of Rs 7.88 crore.
Avaada CleanTN Project is special purpose vehicle (SPV) formed for the purpose of owning and operating the captive power plant. The SPV’s capacity is 50MWac/65MWdc.
