Power company CESC acquires 64% stake in Purvah Green Power for Rs 205 cr – EQ
In Short : Power company CESC has acquired a 64% stake in Purvah Green Power for Rs 205 crore. This strategic acquisition aims to expand CESC’s renewable energy portfolio and strengthen its presence in the green energy market.
In Detail : Power company CESC Ltd on Monday said it has acquired 63.91 per cent equity shares in Purvah Green Power for Rs 205 crore.
Post-acquisition, Purvah Green Power Private Limited (Purvah) will become its direct subsidiary, CESC said in a regulatory filing.
“The company (CESC) has acquired today 63.91 per cent equity shares of Purvah Green Power Private Limited (“Purvah”), a wholly-owned subsidiary of Crescent Power Limited (a subsidiary of the company), thus making Purvah a direct subsidiary of CESC Ltd,” it added.
The cost of acquisition would be Rs 205 crore, the company said.
“63.91 per cent of Purvah’s shares were acquired by the company by subscribing to 20,50,00,000 equity shares of Rs 10 each for an aggregate consideration amounting to Rs 2,05,00,00,000,” the filing said.
CESC is into the generation, transmission, and distribution of electrical power.
