Indoco Remedies to accumulate stake in Kanakal Wind Energy by admin- Wednesday, August 17th, 2022 03:56:15 PM
Indoco Remedies stated that so that it will comply with regulatory requirement for being a ‘captive consumer’ below Indian Electricity laws, Indoco Remedies entered into Share Purchase and Shareholder’s Agreement together with the Power Purchase Agreement to accumulate up to 26% stake in Kanakal Wind Energy Pvt Ltd, for putting in Solar Power Plant at Akkalkot, Solapur District, Maharashtra.
The consideration for the purchase of a 26% stake in Kanakal has been fixed at Rs. 86.Forty lakh.
Indoco will purchase eight,sixty four,000 fairness shares of the face price of Rs10 constituting to be 26% of the paid-up equity proportion capital of Kanakal Wind.