Wind turbine maker Inox Wind on Friday said its arm Inox Wind Infrastructure Services has sold its entire 51 per cent stake in Sri Pavan Energy for Rs 5.1 lakh.
“Our wholly owned subsidiary, Inox Wind Infrastructure Services Ltd (IWISL) has sold its entire 51 per cent shareholding held in Sri Pavan Energy Private Ltd (SPEPL) on 22nd May, 2020,” it said in a regulatory filing.
SPEPL has now ceased to be a subsidiary of IWISL and in turn, step down subsidiary of Inox Wind, it said.
IWISL sold its entire 51 per cent shareholding, comprising 51,000 equity shares of Rs 10 each held in SPEPL, at face value for cash to Sri KPR Infra & Projects Ltd, it added.
SPEPL was incorporated on April 9, 2018. Its has a paid up capital of Rs 10 lakh. As on the last audited balance sheet on March 31, 2019, SPEPL had not commenced its commercial operations, it added.