Nxtra picks up 11.7% stake in Avaada MHAmravati

Nxtra Data, a subsidiary of the Bharti Airtel, has entered into a pact to buy 5.1 million equity shares in Avaada MHAmravati Private Ltd. which amounts to 11.696% stake in the company.

The transaction was carried out at Rs 10 per equity share, taking the total investment to Rs 5.12 crore.

Avaada MHAmravati is a special purpose vehicle formed for the purpose of owning and operating the captive power plant, in terms of the regulatory requirement for captive power consumption under electricity laws.