Jhaveri Credits to acquire UR Energy Solar, rename to UR Energy (India)
Jhaveri Credits & Capital Ltd's Board of Directors approved the acquisition of a 51% equity stake in U R Energy (Solar) Private Limited from its existing shareholders, making it a subsidiary. Concurrently, the Board also approved changing the company's name from "Jhaveri Credits and Capital Limited" to "U R ENERGY (INDIA) LIMITED," subject to necessary approvals. The Main Object Clause of the Memorandum of Association will also be altered to reflect this strategic shift towards the energy sector. U R Energy (Solar) Private Limited has an Authorized and Paid-up Capital of ₹1.00 Lakh each, with a negative net worth of -₹81,000. The Board also appointed NSDL as the Remote E-Voting Agency and M/s Siddharth Sipani & Associates as Scrutinizer for the postal ballot.
Key Highlights
- Company to acquire 51% equity in U R Energy (Solar) Private Limited.
- U R Energy (Solar) will become a subsidiary post-acquisition.
- Company name to change to U R ENERGY (INDIA) LIMITED.
- Main Object Clause of MoA will be altered.
- This signifies a strategic pivot towards the energy sector.
Price Impact
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Jhaveri Credits to acquire U R Energy (Solar), change name to U R Energy (India)