Laurus Labs acquires 26% stake in Ethan Energy for Rs3.16 crore; stock adds ~1%

25 Nov 2022 , 09:18 AM

Laurus Labs Limited informed that as per the policy of the Government for captive consumption of power, has entered into a share subscription agreement and shareholders’ agreement on November 23, 2022, with Ethan Energy India Private Limited for subscribing 7,40,000 equity shares of the face value of Rs10 each at a premium of Rs42.70.

The said acquisition is equivalent to 26% of the paid-up share capital of Ethan Energy India Private Limited.

With the said acquisition, the company could be able to consume 100% of the solar energy to be supplied by Ethan Energy India Private Limited from their 10 MW Solar Energy plant.

The total consideration shall be equal to Rs3.16 crore.

At around 9.21 AM, Laurus Labs was trading at Rs454.70 up by 1.19% from its previous closing of Rs449.35 on the BSE. The scrip opened at Rs453.50 and touched intraday high and low of Rs455.45 and Rs452.15 respectively.

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