M&A

M&A

Adani Power buys 100% stake in 2 realty cos for Rs.609-Cr

BSE Disclosure  

Adani Power Ltd is to acquire 100% equity shares of two companies: Support Properties Pvt Ltd (SPPL) and Eternus Real Estate Pvt Ltd (EREPL) from their respective shareholders. The acquisition aggregated to INR 609.4 crore cumulatively. The transaction cost for acquiring Support Properties is at INR 280.10 crore, while for Eternus Real Estate the consideration is pegged at INR 329.30 crore. The companies - incorporated in 2007 - are yet to commence operations. Support Properties was incorporated on November 2 (which has a paid up capital of INR 67.91 Cr), while Eternus Real Estate (which has a paid up capital of INR 74.01 Cr) was incorporated on December 24. Adani Power plans to use the acquisitions to set up infrastructure facilities.