Mahindra Renewables Trades its 3 Arms to CLP India for Rs 340 Crores

Mahindra & Mahindra has announced that its wholly-owned renewables subsidiary, Mahindra Renewables, has traded its entire stake in three subsidiaries for about Rs 340 crore to CLP India.

CLP India has arrived into a share purchase agreement to buy 100 percent shareholding each in Cleansolar Renewable Energy Pvt Ltd (CREPL), Divine Solren Pvt Ltd (DSPL) and Neo Solren Pvt Ltd (NSPL), wholly-owned subsidiaries of Mahindra Renewables.

“Following the sale of shares of CREPL, DSPL and NSPL, the shareholding of CLP in all the three companies will be 100 percent” the company said in a statement.

As per the deal, CLP will purchase CREPL’s 96,23,000 equity shares of Rs 10 each at a price of Rs 113.11 per share, aggregating to Rs 108.85 crore.

The company will also obtain DSPL’s 1,20,80,000 equity shares of Rs 10 each at a price of Rs 104.57 per share, aggregating to Rs 126.32 crore.

Also, it will buy NSPL’s 93,15,000 equity shares of Rs 10 each at a price of Rs 112.37 per share, aggregating to Rs 104.67 crore.

However, the transaction is projected to be accomplished by May 31, 2020.