New Delhi, Oct 31 (SocialNews.XYZ) The Competition Commission of India (CCI) has approved the acquisition of equity share capital of IntelliSmart Infrastructure Private Ltd by Adani Energy Solutions Ltd.
"The proposed combination envisages the acquisition of 100 per cent of the equity share capital of the target (IntelliSmart Infrastructure Pvt Ltd) by the acquirer (Adani Energy Solutions Ltd) from National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL)," the regulator said in a statement on Saturday.
IntelliSmart Infrastructure is involved in providing advanced metering infrastructure for electricity in the country. It is also engaged in deploying smart gas meters.
The CCI said it has cleared the proposed deal. "The Commission approves the acquisition of 100 per cent of the share capital of IntelliSmart Infrastructure Pvt Ltd by Adani Energy Solutions Ltd," the regulator said.
Earlier in June, Adani Energy Solutions announced that it had executed a binding securities purchase and subscription agreement to acquire a 100 per cent equity stake in IntelliSmart Infrastructure.
The Rs 3,050-crore transaction includes the acquisition of 100 per cent equity share capital of IntelliSmart and redemption of optionally convertible debentures held by NIIF.
NIIF is India's sovereign-anchored alternative asset manager, while EESL is a joint venture of leading public sector undertakings under the Ministry of Power.
The Acquirer is part of the Adani Group and is a public listed company incorporated in India, listed on the BSE and the National Stock Exchange of India.
The Acquirer is primarily involved in transmission and distribution of electricity and in deployment of advanced metering infrastructure for electricity in India.
Shares of Adani Energy Solutions Ltd ended at Rs 1345.55 apiece on the BSE. The stock has touched a 52-week high of Rs 1,789 and a 52-week low of Rs 804.70, according to the exchange.
Source: IANS
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