Laxmi Organic Industries Ltd to acquire stake in Radiance

Laxmi Organic Industries Limited has signed Share Subscription and Shareholders' Agreement with Radiance MH Sunrise Seven Private Limited and Radiance Renewables Private Limited, for acquiring 15,12,000 equity shares constituting 26% of the total share capital of Radiance MH Sunrise Seven Private Limited for a sum not exceeding to ₹1,51,20,000 (Rupees One Crore Fifty-One Lakh Twenty Thousand only).

Radiance MH Sunrise Seven Private Limited ("Radiance"), is promoted as a special purpose vehicle, solely to undertake the business of generation of renewable energy from conventional and non-conventional sources of energy and to supply such electricity on captive basis to the Company.

The Company proposes to make investment for a sum not exceeding ₹1,51,20,000 (Rupees One Crore FiftyOne Lakh Twenty Thousand only) by acquiring 15,12,000 equity shares constituting 26% of the total share capital of Radiance.

The Company has entered into a Power Purchase Agreement with Radiance, who is in the business of owning, operating and maintenance of the captive power generating plant and supply of electricity. In line with the statutory requirements to avail such power / electricity for captive usage, the Company is required to become a shareholder of Radiance by acquiring its 26% of the total share capital.

Shares of Laxmi Organic Industries Limited was last trading in BSE at Rs. 437.70 as compared to the previous close of Rs. 422.05. The total number of shares traded during the day was 85074 in over 2373 trades.

The stock hit an intraday high of Rs. 443.15 and intraday low of 420.40. The net turnover during the day was Rs. 36705327.00.

Source : Equity Bulls

Keywords

LaxmiOrganicIndustries INE576O01020 Acquisition SolarPowerProject