We hereby inform that the Company has executed a Share Purchase Agreement ( SPA ) for acquisition of 51% equity stake in NOPL Solar Projects Private Limited ( Target Entity ). Pursuant to the said acquisition and together with the earlier acquisition of 49% equity stake, the Company has acquired 100% stake in the Target Entity.
VIKRAN · price
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Vikran Engineering Limited has completed the acquisition of a 51% equity stake in NOPL Solar Projects Private Limited for Rs. 5.10 Crores in cash. Combined with an earlier 49% stake acquisition, Vikran now holds 100% of NOPL Solar, making it a wholly owned subsidiary. The target company operates a 969 MW grid-connected solar power project in Maharashtra under the PM-KUSUM Scheme. Notably, this acquisition qualifies as a related party transaction since two directors of Vikran also serve on NOPL's board. The acquisition aligns with Vikran's strategy to expand its presence in the renewable energy sector.
Shareholders may view this positively as the company consolidates its solar energy assets and diversifies into renewables. However, the related party nature of the transaction may attract regulatory scrutiny, and investors should monitor for any additional disclosures on valuation fairness.