In early trading on October 12, KPI Green Energy shares experienced a dip of over 2% following the board’s approval of a significant acquisition. The company greenlit the purchase of 9,990 equity shares, equivalent to 99.90 percent of the share capital, of KPark Sunbeat Private Limited for a total of Rs 126 crore.
As part of the deal, KPI Green Energy will issue 15,18,480 equity shares with a face value of Rs 10 each, priced at Rs 830.15 per share, on a preferential basis to Dr. Faruk G Patel, the company’s promoter. The remaining balance for the acquisition will be settled in cash.
This strategic move is in line with KPI Green Energy’s commitment to expanding its renewable energy portfolio. The acquisition of KPark Sunbeat Private Limited, a company specializing in solar power projects, aligns with KPI Green Energy’s mission to enhance its presence in the renewable energy sector. KPark Sunbeat Private Limited has ambitious plans, including the establishment of a 70 MW solar park in Dhrangadhra and a 30 MW park in Surat, both located in Gujarat. Additionally, the company owns 2,11,367 sq mtrs of land in Surendranagar, Gujarat, dedicated to future solar power initiatives.
At the time of reporting the shares of the company were trading 2.13% down at 866.55
