Adani Power Ltd on Thursday (January 25) said it entered into a memorandum of understanding to sell its 100% stake in its two wholly owned subsidiaries, Aviceda Infra Park Ltd (AIPL) and Innovant Buildwell Private Ltd (IBPL) to AdaniConnex Private Ltd for ₹540 crore.
Consequently, AIPL and IBPL will cease to be wholly owned subsidiaries upon completion of the sale, according to a stock exchange filing.
"Adani Power has entered into a Memorandum of Understanding (MOU) to sell its 100 percent equity stake in its two wholly-owned subsidiaries i.e. Aviceda Infra Park Ltd (AIPL); and Innovant Buildwell Private Ltd (IBPL) to AdaniConnex Private Ltd (ACX)," a BSE filing said.
AIPL and IBPL are being sold for a consideration of ₹190 crore and ₹350 crore, respectively, the regulatory filing showed.
AdaniConnex Private Ltd (ACX) is a 50:50 joint venture between Adani Enterprises, which is a promoter group company, and EdgeConneX. It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary services, including managed services, remote hands and feet, and other related services.
The proposed transactions fall within related party transactions and are transactions done on an arm's length basis, it stated. The expected date of completion of the transaction is March 31, 2024.
Shares of Adani Power Ltd ended at ₹542.50, up by ₹22.85, or 4.40% on the BSE.
First Published: Jan 25, 2024 10:37 PM IST
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