The fair trade regulator cleared the proposed acquisition on Friday, which involves AESL purchasing IntelliSmart's entire equity share capital from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL).
"The Commission approves the acquisition of 100 per cent of the share capital of IntelliSmart Infrastructure Pvt Ltd by Adani Energy Solutions Ltd," the CCI said in a post on X.
Rs 3,050-crore deal covers equity acquisition, debenture redemption
The transaction, announced by AESL in June this year, is structured to include the purchase of IntelliSmart's entire equity share capital as well as the redemption of optionally convertible debentures held by NIIF.AESL had said it executed a binding securities purchase and subscription agreement to acquire the company.
"The proposed combination envisages the acquisition of 100 per cent of the equity share capital of the target (IntelliSmart Infrastructure Pvt Ltd) by the acquirer (Adani Energy Solutions Ltd) from National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL)," the regulator said in a statement.
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