Adani Power's agreement with AES OPGC Holding and AES India for the acquisition of a 49 percent stake  (adani green share price)  in the Odisha Power Generation Corporation (OPGC) has been canceled as the Odisha government, which holds a 52 percent stake in OPGC has exercised the right of first refusal. (adani green share price)


In June, Adani Power Ltd had entered into a share sale and purchase agreement (SSPA) to acquire, from AES OPGC Holding and AES India Private Ltd, a total of over 89 lakh equity shares held in OPGC representing 49 percent of the total issued paid-up and subscribed equity share capital of OPGC. The cash consideration of the proposed sale was $135 million.  ((adani green share price)

"We hereby inform you of further development in this matter that the sellers  (adani green share price)    have intimated to the company vide their communication dated December 24, 2020, that the Government of Odisha, who are holding the balance 92,94,735 shares representing 51 percent of the share capital of OPGC, have exercised their Right of First Refusal (RoFR) to purchase AED shareholding in OPGC," Adani Power said in a regulatory filing.

Accordingly, the sellers have transferred the AES shareholding in OPGC to the agency authorized by the Odisha government. With this development, the SSPA signed in June has ceased to be effective. (Adani green share price)

OPGC is engaged in the business of establishing, (Adani green share price)
operating, and maintaining thermal power generating stations in Odisha.