Suzlon Energy on Monday announced that it has completed sale of its two arms – SE Solar and Gale Solarfarms – to CLP Wind Farms for a total consideration of Rs 99.09 crore.
“In terms of Share Subscription / Share Purchase and Shareholders’ Agreement executed by the company (Suzlon) and CLP Wind Farms (India) Private Ltd (CLP) with SE Solar Ltd and (b) Gale Solarfarms Ltd (Gale), the subsidiaries of the company, the Company has completed sale of securities of SE Solar and Gale held by the Company to CLP on March 25, 2019 and accordingly SE Solar and Gale have ceased to be subsidiaries of the Company,” a Suzlon Energy statement said.
Suzlon Energy sold its balance stake in SE Solar for a consideration of Rs 76.55 crore. It sold its balance stake in Gale for a consideration of Rs 22.54 crore, it added.
The company said that transaction will not fall under the related party transaction as the CLP does not belong to promoter or promoter group or group companies.
The turnover of SE Solar for the financial year ended March 31, 2018 was Rs 54.43 crore and the net worth was Rs 159.55 crore.
The turnover of Gale for the financial year ended March 31, 2018 was Rs O.72 crore and the net worth stood at Rs 32.03 crore.
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