AI assistant
Adani Power Limited Capital/Financing Update 2020
62310_rns_2020-06-23_3147969d-4ae6-4453-9f62-df08cd936d3f.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
Power
June 23, 2020
BSE Limited Floor 25, P J Towers, Dalal Street, Mumbai - 400 001
National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051
Scrip Code: 533096
Scrip Code: ADANIPOWER
Dear Sires)
Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 ("SEBI LODR")
This is to inform you that Adani Power Limited (the "Company") has entered into a Share Sale and Purchase Agreement ("SSPA") to acquire from AES OPGC Holding and AES India Private Limited (collectively referred to as "Sellers") a total of 89,30,237 equity shares held in Odisha Power Generation Corporation Limited ("OPGC") representing 49% of the total issued, paid-up and subscribed equity share capital of OPGC.
The SSPA is subject to customary conditions precedent and receipt of the approvals as listed in Annexure I hereto. The balance 92,94,737 shares representing 51% of the share capital of OPGC will continue to be legally and beneficially held by the Government of Odisha.
The details required under Regulation 30 of SEBI LODR read with the SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 is enclosed as Annexure I hereto. A Note on the aforesaid acquisition is enclosed as Annexure II for your perusal and information.
Further, pursuant to Regulation 30(8) of SEBI LODR the enclosed disclosures and Note will also be made available on the Company's website.
Kindly take the same on record.
Thank you.
Deepak Pandya Company Secretary
Encl.: As above
_ Adani Power Ltd Adani Corporate House Shantigram. S G Highway Ahmedabad 382 421 Gujarat India CIN: L40100GJ1996PLC030533
Tel +917926567555 _ Fax +91 79 2555 7177 info@adanLcom www.adanLcom
Registered Office: Shikhar. Nr Mithakhali Six Roads. Navrangpura. Ahmedabad - 380009. Gujarat. India.
Power
Annexure I
Disclosure under sub-para (1) [i.e. Acquisition(s) (including agreement to acquire)] of Para CA) of Part CA) of Schedule III to the Regulation 30 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015.
| Sn | Items for Disclosure | Description |
|---|---|---|
| 1. | of target Name the entity, brief such as details in size, |
Odisha Power Generation Corporation Limited |
| turnover etc. | Turnover (Total Income) - INR 887.71 Crore for FY 2018-19 as per audited financ'ials of OPGC. |
|
| 2. | Whether the acquisition would within related party fall transaction(s) and whether the promoter/ promoter group/ |
The acquisition does not fall within related party transactions. The promoter/promoter group have no interest in OPGC. |
| group companies have any interest the entity in being acquired? If yes, nature of interest and |
||
| details thereof and whether the same is done at "arms length" |
||
| 3. | entity Industry to which the being acquired belongs |
of the OPGC is engaged in business operating maintaining establishing, and thermal power generating stations in the state of Odisha. |
| 4. | of Objects and effects but not acquisition (including limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity) |
operates 1,740 MW thermal power OPGC plant at Banharpalli in Jharsuguda district, Odisha. This plant is the mainstay of the Odisha state for base load power supply and amongst the lowest cost power generated in the state. The supercritical capacity of 1,320 MW is a recently commissioned modern plant with low carbon footprint. The plant has a long term power purchase agreement (PPA) valid for 25 years with the state owned off taker GRIDCO and sources fuel from a nearby captive mine. Government of Odisha holds the balance stake in OPGC. The 51% acquisition into also marks APL's foray Odisha state and it demonstrates the Adani Group's long term commitment to develop and operate high quality infrastructure in the committed for state. Adani Group is |
Adani Power Ltd Adani Corporate House Shantigram. S G Highway Ahmedabad 382 421 Gujarat India CIN: L40100GJ1996PLC030533 Tel +91 79 26567555 Fax +91 79 25557177 [email protected] www.adani.com
Registered Office: Shikhar. Nr Mithakhali Six Roads. Navrangpura. Ahmedabad - 380009. Gujarat. India.
adani
Power
| Sn | Items for Disclosure | Description |
|---|---|---|
| successful and mutually beneficial long term | ||
| partnership with Government of Odisha and | ||
| 5. | of Brief details any |
the people of this progressive state. to The proposed transaction is subject |
| governmental or regulatory for approvals required the acquisition |
compliance with applicable requirements in relation to the Government of Odisha and the receipt of the following regulatory approvals: Competition Commission of India; and 1) Reserve Bank of India. 2) |
|
| 6. | for Indicative time period |
6 months from the date of signing of the |
| completion of the acquisition | Share Sale and Purchase Agreement. | |
| 7. | of Nature consideration - whether cash consideration or share swap and details of the same |
consideration to two Cash be paid in tranches. |
| 8. | Cost of acquisition or the price at which the shares are acquired |
INR equivalent of USD 135,000,000. |
| 9. | of shareholding / Percentage control acquired and / or number of shares acquired |
of 89,30,237 equity shares OPGC representing 49% of the total issued, paid-up and subscribed equity share capital of OPGC. |
| 10. | Brief background about the of entity acquired in terms of products/line business acquired, date of incorporation, history of last 3 years turnover, |
of the OPGC is engaged in business establishing, operating and maintaining thermal power generating stations in the state of Odisha. |
| country in which the acquired entity has presence and any other significant information (in brief) |
of was incorporated in the name OPGC 'Orissa Power Generation Corporation 1984 Limited', on November 14, a as government company within the jurisdiction of of the Registrar Companies, Orissa. of Subsequently, the name was OPGC changed to 'Odisha Power Generation Corporation Limited' and consequent to the of of change certificate name, a fresh incorporation was issued to OPGC by the Registrar of Companies, Orissa on February 9, 2012. |
|
| The turnover (total income) of OPGC during last 3 audited financial years 2019, 2018 and 2017 is INR 887.71 Crore, INR 613.36 Crore and INR 758.09 Crore, respectively. |
Adani Power Ltd Adani Corporate House Shantigram. S G Highway Ahmedabad 382 421 Gujarat India CIN: L40100GJ1996PLC030533 Tel ic91 79 26567555 Fax +91 79 25557177 [email protected] www.adani.com
Registered Office: Shikhar. Nr Mithakhali Six Roads. Navrangpura. Ahmedabad - 380 009. Gujarat. India.
Adani Power Limited signs definitive agreements with AES
Adani Power Limited (APL), India's largest private sector power producer, has signed a definitive agreement to acquire the 49% stake in Odisha Power Generation Corporation (OPGC) from the affiliates of The AES Corporation (AES), the US-based global energy company.
OPGC operates 1,740 MW thermal power plant at 8anharpalli in Jharsuguda district, Odisha. This plant is the mainstay of the Odisha state for base load power supply and amongst the lowest cost power generated in the state. The supercritical capacity of 1,320 MW is a recently commissioned modern plant with low carbon footprint. The plant has a long-term power purchase agreement (PPA) valid for 25 years with the state owned off taker GRIDCO and sources fuel from a nearby captive mine. Government of Odisha holds the balance 51% stake in OPGC. The acquisition also marks APL's foray into Odisha state, and it demonstrates the Adani Group's long-term commitment to develop and operate high quality infrastructure in the state. Adani Group is committed for successful and mutually beneficial long-term partnership with Government of Odisha and the people of this progressive state.
AES and Adani Group shall continue to partner to facilitate the delivery of renewables and energy storage in India.
The Transaction is subject to customary regulatory approvals including compliance with applicable requirements in relation to the Government of
Adani Power Ltd Adani Corporate House Shantigram. S G Highway Ahmedabad 382 421 Gujarat India CIN: L40100GJ1996PLC030533 Tel +91 79 26567555 Fax +91 79 25557177 [email protected] www.adani.com
Registered Office: Shikhar. Nr Mithakhali Six Roads. Navrangpura, Ahmedabad - 380 009, Gujarat, India.
Odisha and the receipt of regulatory approvals such as Competition Commission of India and Reserve Bank of India,
About Adani Power Limited
Adani Power (APL), a part of the diversified Adani Group, is the largest private power producer in India, With the help of a world-class team of experts in every field of power, Adani Power is on course to achieve its growth potential. The company is harnessing technology and innovation to transform India into a power-surplus nation and provide quality and affordable electricity for all.
Adani Power Ltd Adani Corporate House Shantigram, S G Highway Ahmedabad 382 421 Gujarat India CIN: L40100GJ1996PLC030533
Tel +9J 79 26567555 Fax +91 79 25557177 [email protected] www.adani.com
Registered Office: Shikhar, Nr Mithakhali Six Roads, Navrangpura, Ahmedabad - 380009, Gujarat, India.