Adani Power Acquires Infrastructure Development Firms SPPL And EREPL For Over Rs 609 Crore
On June 7, 2022, Adani Power had signed a share-purchase agreements to acquire 100% equity shares of two companies.
Adani Power Ltd. on Monday completed the 100% acquisition of equities in SPPL and EREPL for about Rs 609 crore.
On June 7, 2022, Adani Power had signed a share-purchase agreements to acquire 100% equity shares of two companies, viz. Support Properties Pvt. Ltd. and Eternus Real Estate Pvt. Ltd. from their respective shareholders.
"All the related steps/activities for acquisition of 100% equity shares of SPPL and EREPL have now been completed," a BSE filing stated.
Earlier this month, the company had stated in a filing that the cost of acquisitions were Rs 280.10 crore for SPPL and Rs 329.30 crore for EREPL. The consideration for the acquisition was cash.
SPPL is yet to commence commercial activities. Its authorised share capital is Rs 74,01,00,000 and paid-up share capital is Rs 67,91,00,000. It is involved in infrastructure development activities. The object of acquisition is to set up infrastructure facilities.
EREPL has also not commenced commercial activities. Its authorised share capital is Rs 80,01,00,000 and paid-up share capital is Rs 74,01,00,000. The consideration for the acquisition was cash.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.