Adani Power sells 100% equity in SPPL to ACX for `1,556 crore

NSE, BSE to put co under ASM again

Adani Power on Thursday said it has sold a 100 per cent stake in Support Properties Private Ltd (SPPL) to AdaniConnex Private Ltd (ACX) at an enterprise value of Rs 1,556.5 crore.

"Parties to the proposed transaction (for which a binding memorandum of understanding had been signed earlier) have executed a Share Purchase Agreement and concluded the transaction," a BSE filing stated.

Earlier in November last year, Adani Power had entered into a memorandum of understanding (MoU) to sell its 100 per cent equity stake in its wholly-owned subsidiary Support Properties Private Ltd (SPPL) to AdaniConnex Private Ltd (ACX).

The enterprise valuation (of a 100 per cent stake in SPPL) was estimated at Rs 1,556.5 crore, subject to adjustments on the closing date.

The ACX is a 50:50 joint venture between Adani Enterprises Limited, which is a promoter group company, and EdgeConneX.

It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary services.

Leading bourses NSE and BSE on Wednesday said they will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday.

Adani Power is shortlisted in short-term ASM framework StageI effective March 23, according to separate circulars available on the exchanges. The move also comes close on the heels of the two exchanges moving Adani group stocks -- Adani Green Energy and NDTV -- from the second stage of the long-term ASM framework to Stage I on Monday. Interestingly, both the exchanges had put Adani Power along with Adani Enterprises and Adani Wilmar under shortterm ASM on March 8.