Acquisitions3 Feb 2025, 09:07 pm
Aarti Drugs Acquires 26.25% Stake in Pro-Zeal Green Power Nine for Renewable Energy
AI Summary
Aarti Drugs Ltd. has entered into a Share Subscription and Shareholders’ Agreement with Prozeal Green Power Private Limited and Pro-Zeal Green Power Nine Private Limited. This acquisition involves the procurement of 26.25% Equity Shares/ Voting Rights and Compulsory Convertible Debentures in Pro-Zeal Green Power Nine Private Limited, a Special Purpose Vehicle (SPV) set up for developing a 24.40 MWp (19.36 MW) solar power plant. This move aligns with the company's commitment to renewable resources and optimizing energy costs. The solar power generated by the SPV will be supplied to Aarti Drugs Limited for captive consumption.
Key Highlights
- Aarti Drugs acquires 26.25% stake in Pro-Zeal Green Power Nine Private Limited
- Transaction worth Rs. 8,05,20,000 (Rupees Eight Crore Fifty Lakhs Twenty Thousand only)
- Acquisition to cater to the company's power requirement through renewable resources
- Solar power generated by the SPV to be supplied to Aarti Drugs Limited for captive consumption
- Transaction carried out at arm’s length basis