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Gautam Adani Group company Adani Power has sold 100 percent stake in its subsidiary Support Properties Private Limited. This stake has been sold to Adani Connex Pvt Ltd (ACX), also of Adani Group, for an undertaking value of Rs 1,556.5 crore. Meanwhile, the stock of group company Adani Power lost a whopping 1.30% on Thursday. The scrip closed at Rs 201.20 on the BSE index.
Adani Power said – The parties involved in the proposed transaction have entered into a share purchase agreement and completed the transaction. Earlier, in November Adani Power sold 100 per cent stake in its wholly owned subsidiary Support Properties to Adani Connex Pvt. A memorandum of understanding was signed for the sale of
Explain that ACX is a joint venture between Adani Enterprises Limited and Edge Connex. Both have 50-50 percent stake in it. It is engaged in the business of developing global data centers.