On Monday, CESC Ltd announced that it has purchased a 63.91 percent stake in Purvah Green Power for Rs.205 crore. Following this acquisition, Purvah Green Power Private Limited will become a direct subsidiary of CESC, according to a regulatory filing.
The regulatory filing also added, "Today, CESC acquired 63.91% of the equity shares in Purvah Green Power Private Limited ("Purvah"), which was previously a wholly-owned subsidiary of Crescent Power Limited (a subsidiary of CESC). As a result, Purvah is now a direct subsidiary of CESC Ltd."
The company declared that the acquisition will cost Rs.205 crore.
The company has acquired a 63.91% stake in Purvah Green Power Private Limited. This was achieved by subscribing to 20,500,000 equity shares of Purvah, each valued at Rs.10. The total amount paid for this acquisition is Rs.205,000,000.
This transaction significantly increases the company's ownership in Purvah, enhancing its control and influence over the operations and strategic direction of the company.
CESC Ltd., a company under the RP-Sanjiv Goenka Group, has acquired a 63.91% stake in Purvah Green Power Pvt., which is a wholly owned subsidiary of Crescent Power Ltd., for Rs.205 crore. Crescent Power Ltd. is also a subsidiary of CESC.
The Kolkata-based company currently has an operational generation capacity of 2,140 MW and has planned investments of 3 GW in hybrid renewable energy by March 31, 2024.
Prior to the announcement, the company's shares ended 0.06% higher at Rs.166.95 each, compared to a stable S&P BSE Sensex.
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