Sangam Renewables Completes Divestment of Waacox Energy; Stock Surges 5%
With the consummated of the divestment, Waacox Energy, ceased to be subsidiary of the Company with effect from 5th July, 2021.
Sangam Renewables Ltd has earlier informed to the exchange regarding approval of board of directors on divestment of the Company’s entire stake/ investment in its material subsidiary i.e. Waacox Energy Private Limited.
Now, further the company has informed that the underlying transaction has been consummated on 5th July, 2021 and the Company has received the remittance confirmation for 41,60,35,305/- (Forty-one crore sixty lakhs thirty-five thousand three hundred five only), as gross consideration for the divestment and the same will be utilized towards repayment of the debt of the Company, as per filing.
Further, with the consummated of the divestment, Waacox Energy, ceased to be subsidiary of the Company with effect from 5th July, 2021.
At around 10:35 AM, Sangam Renewables was trading at Rs120.65 per piece higher by 4.96% on Sensex.
Source: indiainfoline
