Swelect Energy Systems Ltd plans to invest Rs 22 crore in HHV Solar Technologies Ltd, a Bangalore based company.
This would be done through subscription of equity shares in the company and by purchase of stake held by SIDBI Venture Capital Ltd, Swelect Energy said in a statement to the stock exchanges today.
The board of directors of Swelect had on January 7 approved subscription to 10,15,079 shares in HHV Solar Technologies Private Ltd and purchase of 8,17,391 equity shares from SIDBI Venture Capital Ltd that it held in HHV Solar.
The aggregate investment for the proposed transaction was around Rs 22 crore.
The board has authorised Swelect Energy’s Managing Director, R. Chellappan, to handle the transaction.
Swelect Energy was formerly Numeric Power Systems, a major player in the Uninterruptible Power Supply business. Last year, Numeric Power sold its UPS business and decided to concentrate on solar power and was renamed Swelect Energy.