Torrent Pharmaceuticals to Acquire 26% Stake in Torrent Urja for Hybrid Power Project

Torrent Pharmaceuticals Ltd. has entered into a Share Subscription and Shareholders’ Agreement with Torrent Urja 27 Private Limited to acquire 26% equity shares. This investment is aimed at enhancing the share of renewable power sources in the operation of the company. Torrent Urja, a step-down subsidiary of Torrent Pharmaceuticals' holding company, is a special purpose vehicle formed for setting up a captive power project in Gujarat. The transaction is being carried out at arm's length basis and is expected to be completed in 18 to 20 months. The consideration for the acquisition is INR 7,91,93,400 for 79,19,340 Class A Equity Shares of Face Value of Rs. 10/- each.