Standard Capital Markets to invest 1,200 Crore in solar power firm

Board & Shareholder Meetings View source PDF

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AI summary

Standard Capital Markets board approved subscribing to 8,81,380 Compulsorily Convertible Preference Shares of Sunbridge Solar Power Private Limited at 13,615 per share, totaling 1,200 Crore. Sunbridge is in the renewable energy and solar power business and its project is currently under construction. The deal is not a related party transaction and will be paid in cash as a strategic investment for portfolio diversification.

Likely market impact

Large 1,200 Crore investment signals aggressive diversification into solar. Subject to definitive agreements and approvals, with no immediate revenue impact.