Bharti Airtel has signed a pact with AMPSolar Evolution to acquire 26 per cent stake in the solar power firm for Rs 8.4 crore.
The Sunil Bharti Mittal-led firm has signed an agreement with the renewable energy company to meet the green energy needs and optimise energy costs, as well as to comply with the regulatory requirement around consumption of electricity.
“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 in a late night regulatory filing on Friday.
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.
Airtel will subscribe to 84,000 equity shares, equivalent to 26 per cent stake in the company, for Rs 10 each amounting to Rs 8.4 crore.
Apart from equity, Airtel will also subscribe to 83,160 CCDs of Rs 1,000 each amounting to Rs 8.31 crore.
The turnover of AMPSolar Evolution was nil as on March 31, 2019, according to the filing.