CESC acquires 64% stake in Purvah Green Power for Rs 205 Cr: Rediff Moneynews

CESC Ltd has acquired 63.91% stake in Purvah Green Power for Rs 205 crore, making it a direct subsidiary. The acquisition will strengthen CESC’s presence in the renewable energy sector.

New Delhi, July 29 (PTI) Power utility CESC Ltd on Monday said it has acquired 63.91 per cent equity stake in Purvah Green Power for an amount of Rs 205 crore.

Post the acquisition, Purvah Green Power Private Limited (Purvah) will become a direct subsidiary of the company, CESC said in a regulatory filing.

“The Company (CESC) has today acquired 63.91 per cent equity shares of Purvah Green Power Private Limited (“Purvah”), a wholly owned subsidiary of Crescent Power Limited (a subsidiary of the Company), thereby making Purvah a direct subsidiary of CESC Ltd,” it added.

The company said the cost of the acquisition would be 205 million rupees.

“The Company acquired 63.91 per cent equity stake in Purvah by way of subscription for 20,50,00,000 ordinary shares of Rs. 10 each for a total consideration
“2,050,000,000 rupees,” we read in the document.

CESC is engaged in the generation, transmission and distribution of electricity.

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