SWELECT Energy Systems Ltd updates on stake sale of subsidiary

SWELECT Energy Systems Limited had approved the proposal of sale of entire equity shares (10,000 equity shares of Rs.10/- each) held in SWELECT HHV Solar Photovoltaics Private Limited (Wholly Owned Subsidiary) to SWELECT Energy Systems Pte. Limited, Singapore (Wholly Owned Subsidiary) at its Board meeting held on 11.11.2022.

Pursuant to the Share Purchase Agreement (SPA) dated 23.11.2022 the Company has received the total consideration of INR 20 Crores from SWELECT Energy Systems Pte. Limited, Singapore and the Board of Directors of SWELECT HHV Solar Photovoltaics Private Limited at their meeting held on 26.12.2022 had approved the above share transfer. It may also be noted that the status of SWELECT HHV Solar Photovoltaics Private Limited has been changed from Wholly Owned Subsidiary to Wholly Owned step down Subsidiary of SWELECT Energy Systems Limited with effect from 26th December 2022.

Shares of Swelect Energy Systems Limited was last trading in BSE at Rs. 329.95 as compared to the previous close of Rs. 326.20. The total number of shares traded during the day was 1142 in over 98 trades.

The stock hit an intraday high of Rs. 337.60 and intraday low of 325.65. The net turnover during the day was Rs. 378177.00.

Source : Equity Bulls

Keywords

SwelectEnergySystems INE409B01013 StakeSale Payment