Enviro Infra Engineers Limited has informed the Exchange regarding 'Acquisition'.
EIEL · price
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Enviro Infra Engineers Limited (EIEL) has received approval from its Audit Committee and Finance Committee to acquire 100% equity shares of EIE Renewables Private Limited, making it a wholly owned subsidiary. The target company is newly incorporated (February 2025) and is engaged in renewable and non-conventional energy generation, with no turnover yet. The initial cost of acquisition is ₹10 lakhs for buying 1,00,000 shares at ₹10 per share from existing shareholders, and the company plans to invest an additional ₹49.9 crores through fresh allotment in one or more tranches. This is a related party transaction, as promoters Sanjay Jain and Manish Jain currently hold 50,000 shares each in the target, though the deal is at arm's length. Completion is expected by 30th June 2025, and no government or regulatory approvals are required.
This move allows EIEL to enter the renewable energy sector, aligning with its long-term growth strategy in sustainable businesses. Shareholders should note the significant follow-on investment of ~₹50 crores, though the initial capital outlay is small and the target has no operations yet, so the near-term financial impact will be limited.