Adani Power Sells 100% Equity In Support Properties To AdaniConnex For Rs 1,556 Crore

Adani Power on Thursday said it has sold a 100% stake in Support Properties Pvt. to AdaniConnex Pvt. 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 said.

Earlier in November last year, Adani Power had entered into a memorandum of understanding to sell its 100% equity stake in its wholly-owned subsidiary Support Properties Pvt. to AdaniConnex Pvt.

The enterprise valuation (of a 100% stake in Support Properties) 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 Ltd., 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.

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