Adani Green Energy Ltd on Saturday said its arm Adani Renewable Energy Holding Four Ltd has transferred 74 per cent shareholding of Mundra Solar Energy Ltd to Adani Tradecom LLP (ATLLP).
"7,400 equity shares are transferred to ATLLP at face value i.e. Rs 10 each. Aggregating to Rs 74,000," a BSE filing stated. It also said that the deal is done for cash consideration.
Adani Renewable Energy Holding Four Ltd, a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), has transferred 74 per cent shareholding of Mundra Solar Energy Ltd (MSEL) to ATLLP on May 21, 2021, it added.
The MSEL is step-down subsidiary of the company and the same has been transferred to ATLLP, which is a wholly-owned LLP of Adani Enterprises Limited, an entity falling under the joint control i.e. Adani Group.
The transaction is done at arm's length basis and shareholding transferred based on the basis of an independent valuation report. The MSEL is yet to commence its business operations.
The MSEL is incorporated to manufacture crystalline silicon solar PV cells, modules and ancillary operations, which is in a similar line of business undertaken by Adani Enterprises Limited through its subsidiary namely, Mundra Solar PV Limited.
This acquisition will bring synergy in its current manufacturing operations and enhance the market share by its brand value, it stated.
The authorised share capital of the MSEL is Rs 5,00,000 while the paid-up share capital is Rs 1,00,000.