Ahmedabad, February 11, 2020: Adani Transmission Limited (ATL) today announced that Qatar Investment Authority (QIA) has completed acquisition of 25.10% stake in Adani Electricity Mumbai Limited (AEML) from ATL along with an investment in shareholder subordinated debt in AEML (“Transaction”) on 10 February, 2020. The total QIA investment in AEML is approximately INR 3,220 Crore (approximately USD 452 million), which includes equity consideration of approximately INR 1,210 Crore (approximately USD 170 million) and shareholder subordinated debt of USD 282 million (approximately INR 2,010 Crore).
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The definitive agreements for the Transaction were signed on 11 December 2019, and all the requisite approvals were received subsequently.
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AEML has recently completed an investment grade, USD 1 billion bond issuance, the first by a private integrated utility from India. The issue generated significant interest from international investors and was oversubscribed by 5.9x.
Entire equity proceeds of 25.1% stake sale in AEML has been used by ATL towards return of the Perpetual to the tune of INR 1,209.62 Crore in favor of contributory promoter entity. Perpetual was infused by Promoter entity to acquire AEML. Post return of INR 1,209.62 Crore, Promoter Perpetual outstanding has got reduced to INR 2,544.38 Crore.
AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai, the world’s seventh largest city by size of population. AEML’s market share of Mumbai is approximately 87% by license area, 67% by consumers served and 55% by electricity supplied.
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