Gautam Adani-led Adani Transmission Ltd, the largest private sector power transmission company in India, sold 25.1 per cent stake in its arm Adani Electricity Mumbai Ltd (AEML) to Qatar Investment Authority (QIA) for approximately Rs 3,220 crore.
In a BSE filing company said, “Qatar Investment Authority (QIA) has completed acquisition of 25.10 per cent 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 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, said the filing adding that “definitive agreements for the transaction were signed on December 11, 2019, and all the requisite approvals were received subsequently.
AEML has recently completed an investment grade, USD 1 billion bond issuance, the first by a private integrated utility from India. The issue generated significant interest from international investors and was oversubscribed by 5.9 times.
On Tuesday at 2.19 pm the shares of Adani Transmission were trading at Rs 335.60 apiece on BSE, up 1.13 per cent from previous close.
(With input from agencies)