CEAT to invest Rs5cr in TP Akalkot for acquisition of 26% stake

The company has signed SPA and SHA with TP Akkalkot Renewable Limited and Tata Power Company Limited for the acquisition.

Jun 21, 2021 12:06 IST India Infoline News Service

Ceat Tyres
CEAT Limited has signed Share Purchase Agreement (SPA) and Shareholders Agreement (SHA) with TP Akkalkot Renewable Limited and the Tata Power Company Limited, for subscribing to 26% of the total equity share capital of TP Akalkot, for a value not exceeding Rs5cr.

TP Akkalkot is in the business of owning, operating, and maintenance of the Captive Power Generating Plant and supply of electricity.

At around 12.02 PM, CEAT Ltd was trading at Rs1,345.20 per piece down by Rs15.1 or 1.11% from its previous closing of Rs1,360.30 per piece on the BSE.

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