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Birla Corporation on Tuesday informed the exchanges that the power purchase agreement (PPA) executed with AMPSolar Farms Private Ltd for acquisition of 2,600 equity shares of ₹10 each (i.e. 26 per cent of the paid-up capital) has been mutually terminated since the open access approval to the project under PPA was not granted by Rajasthan state authorities.
In view of the above, 2,600 equity shares of AMPSolar Farms acquired on January 4, 2018, under the Group Captive Scheme, is being transferred back to the company, Birla Corp said in the notification. Shares of Birla Corporation closed 0.76 per cent lower at ₹781.15 on the BSE.
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