Waaree Energies on Tuesday said that its board has approved a proposal to acquire a 64 per cent equity stake in Kotson’s Pvt Ltd for a total consideration of Rs 192 crore.
Kotson’s Private Limited, established in 1978, is in the business of designing, manufacturing and supplying advanced transformer solutions, a regulatory filing stated.
According to the filing, the board on Tuesday approved the proposal of Waaree Energies Ltd to enter into a Share Subscription and Shareholders Agreement for acquisition of 64 per cent of the share capital of Kotson’s Private Ltd (KPL) for a total consideration of Rs 192 crores, subject to customary closing conditions.
The cost of acquisition is Rs 75 per share having a face value of Rs 10 per share. That is 2.56 crore shares for total consideration of Rs 192 crore.
It has a diverse array of transformer solutions, from Oil Filled and Dry Type to Special Purpose and Renewable Energy applications. KPL’s present plant production capacity is 4,000 MVA.
Further, it stated that pursuant to the acquisition of shares, Kotson’s Pvt Ltd will become a subsidiary of the Company..
The board also approved the acquisition of 100 per cent shareholding of Impactgrid Renewables Private Limited (step-down subsidiary) from Waaree Forever Energies Pvt Ltd (wholly owned subsidiary).
