Mahindra & Mahindra (M&M) will acquire 58,64,835 equity shares of Emergent Solren Private Limited (ESPL), a solar power generator subsidiary of Mahindra Holdings Limited (MHL) for ₹288.05 crore.
Following the completion of the acquisition, Mahindra & Mahindra will have a 60 per cent stake in ESPL while MHL’s shareholding in the company will become NIL.
The company which was incorporated in November 2022 develops and operates renewable solar projects with a capacity of 360MWp.
“None of the promoter/promoter group/group companies of the Company have any interest in ESPL, except to the extent of ESPL being a Subsidiary of the Company. ESPL would cease to be a subsidiary of MHL and would become a direct subsidiary of the Company,” the company informed the stock exchanges.
Further, the company stated that after the stake acquisition, it will sell the same to Sustainable Energy Infra Trust (“SEIT”) which is a renewable energy infrastructure investment trust (InvIT) formed by Canada-based Ontario Teachers’ Pension Plan and the Mahindra group.