Privi Speciality Chemicals has announced its investment in a solar power project through a Special Purpose Vehicle (SPV), Radiance MH Sunrise Eleven Private Limited. The company has invested ₹1,77,57,831 by subscribing to 47,103 equity shares at a price of ₹377 each, which includes a premium of ₹367 per share.
This investment represents 5.80% of the total paid-up equity capital of the target company. The acquisition aims to position Privi Speciality Chemicals as a captive user of solar power, aligning with the Electricity Act, 2003, and the Electricity Rules, 2005. This strategic move is expected to reduce the company’s dependence on coal and natural gas, ultimately lowering its electricity costs.
The solar power project, located in Maharashtra, is being developed by Radiance MH Sunrise Eleven Private Limited. The project is set to have a total installed capacity of 16.60 MW. The target entity, incorporated on March 12, 2021, is engaged in the development, construction, operation, and maintenance of solar power plants in India.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Business Desk and reviewed by News Desk before publication.