Airtel enters into an agreement with AMPSolar to acquire 26 per cent stake

acquisition

Telecom operator Bharti Airtel has entered into an Agreement with AMPSolar on October 18, 2019 for acquisition of 26 per cent Equity Shares and Compulsorily Convertible Debentures (CCOs) in the solar power firm for Rs 8.4 crore.]

The Sunil Bharti Mittal- firm has signed an agreement with the renewable company to meet the green 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 in Uttar Pradesh.

Airtel will subscribe to 84,000 equity shares of Rs 10 each amounting to Rs 8.4 lakh and 83,160 CCDs of Rs 1,000 each amounting to Rs 8.31 crore — representing 26 per cent stake in the company.

The turnover of AMPSolar Evolution was nil as on March 31, 2019, according to the filing.

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