Premier Energies Limited has informed the Exchange about Acquisition.
PREMIERENE · price
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Premier Energies has invested Rs. 1.05 crore in its existing associate company Mavyatho Ventures Private Limited by subscribing to 10,50,000 0.1% Non-Cumulative Optionally Convertible Redeemable Preference Shares (OCRPS) of Rs. 10 each through a rights issue. Mavyatho Ventures is in the solar power generation business and was incorporated in March 2016. Premier Energies already holds 30% equity in Mavyatho, and its capital holding will rise to 36.70% after this OCRPS allotment. The investment is being made to support Mavyatho's capital requirements for its ongoing business activities. The transaction is a related party deal since Mavyatho is an associate company, carried out via cash consideration at arm's length.
This is a relatively small (Rs. 1.05 crore) capital infusion into an existing associate, so the direct impact on Premier Energies shareholders is limited. However, it signals continued financial support for the company's solar power ventures, which are aligned with its core business direction.