NEW DELHI: Mahindra & Mahindra on Friday claimed it has terminated share purchase arrangement with CLP India to sell the total stake held by its stage down arm Mahindra Renewables in Neo Solren Pvt Ltd (NSPL) for Rs 104.67 crore.
In February this yr, M&M experienced declared that its wholly-owned arm Mahindra Renewables would sell its total stake in three subsidiaries to CLP India, a section of Hong Kong-based CLP Group, for practically Rs 340 crore.
“Provided that the closing has not occurred in the agreed timeframes, the share purchase arrangement which was entered into for sale of ninety three,15,000 equity shares of Rs 10 every single of NSPL held by MRPL to CLP India stands terminated on tenth September 2020,” M&M claimed in a regulatory submitting.
Mahindra Renewables Pvt Ltd (MRPL) experienced agreed to sell its total stake aggregating one hundred per cent of the compensated-up equity share capital in Cleansolar Renewable Strength Pvt Ltd (CREPL), Divine Solren Pvt Ltd (DSPL) and Neo Solren Pvt Ltd (NSPL), wholly-owned subsidiaries of MRPL, to CLP India Pvt Ltd (CLP).
As per the arrangement CLP was to get ninety three,15,000 equity shares of Rs 10 every single of NSPL at a value of Rs 112.37 per share aggregating to Rs 104.67 crore.
The closure of the transaction, initially predicted to be finished by May possibly 31, 2020, was prolonged till September in view of complications owing to the coronavirus pandemic.
The submitting, nevertheless, did not mention nearly anything about the other two transactions.
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