Aarti Drugs to Acquire 26% Stake in Renewable Energy Company

MT Newswires Live

01-10

Aarti Drugs (NSE:AARTIDRUGS, BOM:524348) has agreed to acquire a 26% stake in renewable energy company Pro-Zeal Green Power Six from Prozeal Green Power for 16.5 million Indian rupees, according to a Thursday filing to the stock exchanges.

Pro-Zeal Green Power Six is a special-purpose vehicle formed to develop, operate, and maintain a solar power plant for captive consumption by the company.

Under the pact, Aarti Drugs will invest 630,000 rupees through subscription to 63,000 equity shares of 10 rupees each of Pro-Zeal Green Power Six. It will also invest 15.9 million rupees by way of compulsory convertible debentures in a phased manner.

The transaction is expected to be completed in 30 days.

Price (INR): ₹431.05, Change: ₹-11, Percent Change: -2.53%

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