Laxmi Organic Industries to acquire 26% stake in Radiance MH Sunrise Seven

15 Feb 2022 , 11:23 AM

Laxmi Organic Industries has signed Share Subscription and Shareholders Agreement with Radiance MH Sunrise Seven and Radiance Renewables, for acquiring 15,12,000 equity shares constituting 26% of the total share capital of Radiance MH Sunrise Seven for a sum not exceeding to Rs 1,51,20,000. Radiance MH Sunrise Seven is a s promoted as a special purpose vehicle, solely to undertake the business of generation of renewable energy from conventional and non- conventional sources of energy and to supply such electricity on captive basis to the Company.

The Company has entered into a Power Purchase Agreement with Radiance, who is in the business of owning, operating and maintenance of the captive power generating plant and supply of electricity. In line with the statutory requirements to avail such power / electricity for captive usage, the Company is required to become a shareholder of Radiance by acquiring its 26% of the total share capital.

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