Solarworld Energy Solutions Completes First Tranche of Rays Green Acquisition

Solarworld Energy Solutions Ltd has made the first tranche payment of ₹26,82,16,200 (₹26.82 Crore) to Rays Green Energy Manufacturing Private Limited as part of its acquisition agreement. Consequently, Rays Green has allotted 12,600 equity shares to Solarworld, granting it a 50% stake in the company. Rays Power Infra Limited holds the remaining 50%. The balance equity subscription of up to ₹73,17,83,800 (₹73.18 Crore) will be made as per the terms of the Securities Subscription Agreement and Joint Venture Agreement. The terms of the transaction remain unchanged from the previous intimation.