Bharti Airtel has entered into an agreement for acquisition of 283,400 (12.07%) equity shares in Egan Solar Power, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws.
The completion of the acquisition is subject to the receipt of all consents, permissions required to be obtained by Egan Solar from regulatory authority for open access for captive consumption of electricity. Cost of acquisition is Rs 1.33 crore in aggregate for acquisition of 283,400 equity shares of Rs 10 each at a securities premium of Rs 37.20 each.
Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.
