SKF India Limited has entered into a shareholders agreement with Clean Max Taiyo Private Limited for the acquisition of 26 per cent shares, the company announced through an exchange filing. The company will purchase 26,267 shares of Rs 10 each at a premium cost of Rs 1,596 each.
Post the acquisition of the shares the company would own 28,867 shares i.e. 26% shares in Clean Max Taiyo.
Why did SKF acquire additional shares in Clean Max Taiyo?
The company stated that Clean Max Taiyo Private Limited has been incorporated pursuant to the requirement under the Electricity Act, 2002 and its rules for commissioning a captive generating plant for generation and supply of electricity to SKF. The acquisition will help SKF reduce energy cost, source 100 per cent renewable energy and reduce greenhouse gas emission.
Clean Max Taiyo Private was incorporated in India on August 25, 2022.
SKF India shares
The shares of SKF India on Tuesday at 12:18 pm IST were at Rs 4,359.20, up by 0.26 per cent.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)