Sembcorp Industries Ltd has raised its effective stake in its India energy arm, Sembcorp Energy India Ltd (SEIL), from 93.73 per cent to 94.05 per cent.
“This is as a result of a subscription to 275 million additional shares in SEIL by Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities Pte Ltd (SCU). Based on the fair value of the shares, Sembcorp has injected equity of about Rs 516.9 crore (about S$101.6 million) into SEIL to support the growth of its India renewable energy business,” a company statement said.
The equity injection is funded through a mix of internal funds and borrowings. The balance shares in SEIL is owned by SCU’s local partner, Gayatri Energy Ventures Private Ltd, the statement added.