Minda Industries on Saturday said its board has approved acquisition of 27.55 per cent stake in CSE Dakshina Solar Pvt Ltd for Rs 27 lakh.
“The board approved the acquisition of 33,750 equity shares of CSE Dakshina Solar Pvt Ltd of face value of Rs 10 each at a premium of Rs 70 i.e. Rs 80 per share, aggregating to Rs 27,00,000,” Minda said in a BSE filing.
With the acquisition, the company will hold 27.55 per cent of total paid-up share capital of CSE Dakshina. The acquisition is for availing solar power from CSE Dakshina for the company’s units in Tamil Nadu, the filing added.
This will be the first tranche of investment and will be done in one month. Further investment will be made as the project progresses, it added.
CSE Dakshina, a special purpose vehicle, is engaged in the business of providing solar power solutions for captive consumption of commercial and industrial customers in India.
It was incorporated in 2019. The company is in the process of setting up project. There is no revenue from operations.