Olectra Greentech Limited has informed the Exchange about acquisition of additional 1,79,37,400 shares in Evey Trans(MAH) Private Limited
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Olectra Greentech Limited has acquired an additional 1,79,37,400 equity shares (face value Rs. 10 each) in Evey Trans (MAH) Private Limited for a total cash consideration of Rs. 17.94 crore. This is a follow-up to an earlier disclosure from July 2024. After this purchase, Olectra continues to hold a 26% stake in Evey Trans (MAH), indicating the SPV issued fresh shares to Olectra to maintain its proportional holding. Evey Trans (MAH) is a special purpose vehicle set up to own, operate, and lease electric vehicles under a contract with BEST (Brihanmumbai Electric Supply and Transport). The entity was incorporated in March 2024, reported nil turnover and a marginal loss of Rs. 4.5 lakh as of March 2025, with a net worth of around Rs. 8 crore. Evey Trans (MAH) is an associate of Olectra, with both companies under common control of MEIL Holdings.
This acquisition reinforces Olectra Greentech's commitment to its e-bus contract with BEST through its SPV, but the financial impact is modest given the small size of the investment (Rs. 17.94 crore) and that the company's 26% shareholding percentage remains unchanged. Shareholders should view this as a routine capital infusion into an existing associate rather than a transformational deal.