Cipla arm to acquire 26% stake in AMPIN Energy C&I Eighteen

Mumbai: Pharmaceutical giant Cipla Ltd. has announced that Jay Precision Pharmaceuticals Private Limited, a subsidiary of the Company, will acquire 26% stake on fully diluted basis in AMPIN Energy C&I Eighteen Private Limited.

"we hereby notify that Jay Precision Pharmaceuticals Private Limited, subsidiary of the Company has entered into Share Purchase, Subscription and Shareholder’s Agreement (“SPSSA”) to acquire 26% stake on a fully diluted basis in AMPIN Energy C&I Eighteen Private Limited, for setting up captive solar power project in Maharashtra," the company stated in a BSE filing.

"This in line with the commitment to enhance the share of renewable power source in its operation and to comply with regulatory requirement for being a ‘captive user’ under Indian electricity laws," Cipla added.

The transaction, valued at up to Rs 1,46,40,000, involves the purchase of 2,600 equity shares and subscription of 14,61,400 equity shares of face value Rs 10 each at par.

Subscription to equity shares is expected to be completed within 1 month from the date of the signing of the transaction documents, or by such other date as maybe mutually agreed between the parties. The entire consideration will be paid in cash.