 "Adani Transmission sells 25.% stake in Mumbai electricity business to Qatar Investment Authority for Rs 3,220 cr")
New Delhi: Adani Transmission on Tuesday said it has sold 25.1 percent stake in its arm Adani Electricity Mumbai Ltd (AEML) to Qatar Investment Authority (QIA) for approximately Rs 3,220 crore.
“Qatar Investment Authority (QIA) has completed acquisition of 25.10 percent stake in Adani Electricity Mumbai Ltd (AEML) from ATL (Adani Transmission Ltd) along with an investment in shareholder subordinated debt in AEML on 10 February, 2020,” the transmission and distribution business arm of the Adani Group said in a filing to BSE.
The total QIA investment in AEML is approximately Rs 3,220 crore, which includes equity consideration of approximately Rs 1,210 crore and shareholder subordinated debt of approximately Rs 2,010 crore, the filing said.
The definitive agreements for the transaction were signed on 11 December, 2019, and all the requisite approvals were received subsequently.
AEML has recently completed an investment grade, $1 billion bond issuance, the first by a private integrated utility from India. The issue generated significant interest from international investors.
The shares of Adani Transmission were trading at Rs 333.95 apiece on BSE, up 0.6 percent from previous close.
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