Syngene to acquire 26% stake in Ampyr Renewable Energy Resources Eleven – EQ Mag Pro
Syngene International, integrated research, development and manufacturing services firm, said on Tuesday it would acquire up to 26 percent equity stake in Ampyr Renewable Energy Resources Eleven, a special purpose vehicle formed by Ampyr India Asset Holdings.
The transaction will cost around Rs 3.2 crore for Syngene. Through the acquisition, Syngene plans to generate and supply solar power.
The company will maintain a 26 percent stake in Ampyr Renewable Energy Resources Eleven throughout the term of the Power Purchase Agreement to maintain captive status as per Electricity Act, share purchase/ subscription agreement, and shareholders agreement.
The subscription of equity shares of Ampyr Renewable Energy Resources Eleven will be on a fully diluted basis and in one or more tranches. Notably, the acquisition doesn’t fall within the purview of related party transactions.
Ampyr Renewable Energy Resources Eleven was incorporated on April 13, 2021. It is engaged in the business of power generation from renewable power plants. The firm will develop a 50 MWac solar power plant in Benkanhal Village Kanakagiri Taluk, Koppal District of Karnataka.
Shares of Syngene International Ltd ended at Rs 573.95, up by Rs 0.95, or 0.17 percent on the BSE.
Source: PTI
