Bharti Airtel has entered into an agreement for acquiring 26 per cent stake in solar power firm, AMPSolar Evolution.
According to a regulatory filing, the agreement covers the acquisition of equity shares and compulsory convertible debentures (CCDs) in AMPSolar Evolution Private Limited for Rs 85 million. Airtel will subscribe to 84,000 equity shares, equivalent to 26 per cent stake in the company, for Rs 10 each amounting to Rs 84 million.
Apart from equity, it will also subscribe to 83,160 CCDs of Rs 1,000 each amounting to Rs 83.1 million.
Through the move, Airtel aims to meet its green energy needs, optimise energy costs and comply with the regulatory requirement with regards to consumption of electricity.