India’s leading car maker Mahindra & Mahindra said that its wholly-owned renewables subsidiary, Mahindra Renewables, has sold its entire stake in three subsidiaries for about Rs 340 crore to CLP India, an arm of Hong Kong-based CLP Group.
CLP India has entered into a share purchase agreement to buy 100 percent shareholding each in Cleansolar Renewable Energy Pvt Ltd (CREPL), Divine Solren Pvt Ltd (DSPL) and Neo Solren Pvt Ltd (NSPL), wholly-owned subsidiaries of Mahindra Renewables.
“Following the sale of shares of CREPL, DSPL and NSPL, the shareholding of CLP in all the three companies will be 100 percent” the company said in a statement.
As per the deal, CLP will acquire CREPL’s 96,23,000 equity shares of Rs 10 each at a price of Rs 113.11 per share, aggregating to Rs 108.85 crore.
The company will also acquire DSPL’s 1,20,80,000 equity shares of Rs 10 each at a price of Rs 104.57 per share, aggregating to Rs 126.32 crore.
Besides, it will buy NSPL’s 93,15,000 equity shares of Rs 10 each at a price of Rs 112.37 per share, aggregating to Rs 104.67 crore.
However, the transaction is expected to be completed by May 31 this year.
Meanwhile, for the year ended March 31, 2019, CREPL had a turnover of Rs 39.15 crore, while DSPL and NSPL turnovers stood at Rs 54.18 crore and Rs 42.68 crore respectively.