Adani Green Energy Ltd on Saturday said its subsidiary Adani Renewable Energy Holding Four Ltd had transferred 74% of Mundra Solar Energy Ltd’s shares to Adani Tradecom LLP (ATLLP).
“7,400 shares of shares are transferred to ATLLP for an equal amount of Rs 10 each. It is consolidated to Rs 74,000,” the BSE filed. It also said that the agreement was made for financial consideration.
Adani Renewable Energy Holding Four Ltd, a wholly owned subsidiary of Adani Green Energy Ltd (AGEL), transferred 74 percent of Mundra Solar Energy Ltd (MSEL) shares to ATLLP on May 21, 2021, in addition. MSEL is a subsidiary of the company and the same has been transferred to ATLLP, a wholly owned LLP of Adani Enterprises Limited, a subsidiary of Adani Group.
Actions are made at arm’s length and shares are transferred on the basis of an independent report. MSEL is yet to begin its business operation.
MSEL is involved in the creation of crystalline silicon solar PV cell cells, modules and support functions, which are in line with the business line of Adani Enterprises Limited through its subsidiary Mundra Solar PV Limited.
It says the acquisition will bring coherence to its current production performance and improve market share in its product value. The authorized share capital of MSEL is Rs 5,00,000 while the allocated fee is Rs 1,00,000.
Source: Economic Times