On Friday, Suzlon Energy declared that, as of September 6, it has successfully acquired 51% of Renom Energy’s equity share capital.
The firm also disclosed that Renom Energy is now a subsidiary of the company as a result of the aforementioned transaction.
“In continuation of our correspondence from August 6, 2024, we would like to notify you that on September 6, 2024, the Company successfully completed the purchase of 51% of Renom’s equity share capital. Renom is now a subsidiary of the business as a result of the aforementioned transaction,” the business stated in an exchange filing.
According to the company’s filing with the Bombay Stock Exchange, the Board of Directors of Suzlon Energy Ltd. approved in August the acquisition of a 76% share in Renom Energy Services, valued at ₹660 crore, to be carried out in two parts.
“We would like to notify you that the board of directors of Suzlon Energy Limited has approved the purchase of 22,80,000 equity shares, which represents 76% of Renom Energy Services Private Limited’s equity share capital on a fully diluted basis, by the Company in multiple tranches,” Suzlon stated in the exchange filing.
According to the firm, Suzlon will pay ₹400 crore to acquire 51% of Renom’s shares in the first part of the agreement. The energy business will then pay ₹260 crore for an additional 25% of Renom within 18 months, according to the company’s filing.
In the renewable energy industry, Renom Energy Services is the top multi-brand operations and maintenance provider, handling assets totaling 1,782 MW in wind, 148 MW in solar, and 572 MW in balance of plant (BOP) maintenance for a range of clientele. As per the official declaration of the corporation, it had a turnover of ₹213 crore during the fiscal year that concluded in 2024.
“We are comprehensively positioned across the Indian Renewables OMS sector with our in-house Suzlon Services Business focused on Suzlon-make turbines and now with Renom’s focus on non-Suzlon Multi Brand Renewable Energy Assets,” the statement from JP Chalasani, the Suzlon Group’s chief executive officer, read.
During Friday’s trading session, Suzlon Energy’s stock closed down. At ₹74.95, the share was down 1.38 percent.
Disclaimer: “Newsparviews” provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions