Craftsman Automation Limited has informed the Exchange regarding we wish to inform you that the Company has executed a Share Subscription-cum-Shareholders Agreement ( SSSA ) and a Power Purchase Agreement ( PPA ) for making an equity investment in EG Solar Energix Private Limited ( EGSEPL ) aggregating to Rs. 2,57,12,000 (Rupees Two Crores Fifty-Seven Lakhs Twelve Thousand Only), in one or more tranches, for subscription of minimum 26% of the equity share capital of EGSEPL for solar power under the provisions of the Electricity Act, 2003.
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Craftsman Automation has signed a Share Subscription-cum-Shareholders Agreement (SSSA) and a Power Purchase Agreement (PPA) with EG Solar Energix Private Limited (EGSEPL). The company will invest Rs. 2.57 crore (in one or more tranches) to subscribe to a minimum 26% stake in EGSEPL's equity share capital. The move is aimed at entering the solar power business under the Electricity Act, 2003. The PPA suggests the solar power generated may be used by Craftsman for its own operations. EGSEPL is a private company, so no listed-company acquisition or open offer obligations are triggered.
A small-ticket, strategic diversification into solar energy rather than a major expansion; unlikely to move the stock materially, but signals a step toward renewable energy adoption and possible long-term power cost savings.