A wholly-owned subsidiary of Adani Enterprises Ltd (AEL), Adani Tradecom Limited (ATL), acquired the remaining 49% stake in Adani Green Technology Ltd (AGTL) from Adani Trading Services LLP (ATS LLP) for ₹4 lakh, the flagship firm of billionaire Gautam Adani's conglomerate said on Tuesday (March 19) .
"We would like to inform that Adani Tradecom Limited (ATL), a wholly-owned subsidiary of the Company, has acquired a balance 49% stake in Adani Green Technology Limited (AGTL) from Adani Trading Services LLP (ATS LLP) and hence AGTL has become a (step down) wholly owned subsidiary of the company," Adani Enterprises stated in a stock exchange filing .
After the acquisition, Adani Green Technology will become a wholly-owned subsidiary of Adani Enterprises. In addition to Adani Green Technology, Mundra Solar Ltd, a wholly-owned subsidiary of AGTL, has also transitioned into a step-down wholly-owned subsidiary of AEL.
Further, the conversion of compulsorily convertible debentures (CCDs) and optionally convertible debentures (OCDs) issued by Mundra Solar PV Ltd (MSPVL) to promoter entities has resulted in a reduction of AGTL's shareholding in MSPVL from 100% to 51%. Despite this reduction, Adani Enterprises retains an economic interest of 51% in MSPVL.
Mundra Solar was incorporated on June 16, 2015, for the purpose of setting up manufacturing facilities for the proposed manufacturing project at Mundra. The company is also involved in the engineering, procurement and construction (EPC) business for solar renewable projects.
AGTL was incorporated on March 17, 2016, for the purpose of dealing in any kind of power or electrical energy using coal, lignite, petroleum products or any other substances, wind energy, solar energy, renewable energy, wave energy, tidal energy, hydro energy, etc.
Shares of Adani Enterprises Ltd ended at ₹3,052.50, down by ₹57.90, or 1.86%, on the BSE.
(Edited by : Shoma Bhattacharjee)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | What does a low voter turnout indicate for NDA and I.N.D.I.A Bloc
Apr 29, 2024 5:48 AM
'Borrowed' leaders: Congress hits out at AAP for not fielding their own candidates in Punjab
Apr 28, 2024 9:53 PM
EC asks AAP to modify election campaign song and Kejriwal's party is miffed
Apr 28, 2024 9:25 PM