Mavi Investment has sold around 7.5 Mn shares of Adani Power to Vinodbhai Shantilal Adani NRE for R44.5 per share through block deal on BSE, aggregating to R33.37 Cr.

Mavi Investment has reduced its stake in Adani Power to 0.86% from 1.18% through this deal.

Opal Investment (8.91%), 3i Power Investments (6.71%) and Janus Overseas Fund (1.18%) are the other non-promoter shareholders among others. Promoter group share held around 68.32% stake.

Adani Power is a subsidiary of Adani Enterprises Limited, engaged to develop, operate and maintain power generation and transmission projects in India.

APL along-with its subsidiaries has total power generation projects of 9240 MW on hand out of which it has achieved COD for 4620 MW (4 Phases) power generation projects in APL at Mundra whereas 3300 MW power generation projects are taken up in Adani Power Maharashtra Limited (APML) whereby it has achieved COD for 660 MW and 1320 MW power generation projects have been taken up Adani Power Rajasthan Ltd. (APRL).

Adani Power On BSE

Mavi Investment Fund has investment in close to 50 Indian companies.

Last August it was planning to sell off the investments and repatriate funds from India and approached Securities Appellate Tribunal ( SAT) for the same.

Mavi is registered with the SEBI as an FII sub-account was unable to remit funds following a September 2011 SEBI directive barring the offshore entity from securities transactions.

Recently in this space, GMR Group was planning to divest 70% stake in GMR Energy (Singapore) Pte to FPM Power for SGD 660 MN (R2,907 Cr). Of the SGD 660 Mn, FPM Power will invest SGD 60 Mn in GMRE as balance equity.

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