Lagnam Spintex acquires 0.68% stake in CGE I Hybrid Energy to boost renewable capacity
Lagnam Spintex Limited has entered into a share purchase agreement to acquire a 0.68% equity stake in CGE I Hybrid Energy Private Limited, a company focused on the generation and transmission of renewable energy. The acquisition is designed to augment the captive renewable power capacity of Lagnam Spintex’s plants through a qualifying Wind-Solar Hybrid captive project.The strategic purchase aims to enhance the Company's long-term cost efficiency and sustainability by securing a source of renewable power supply up to 3.5 MW for its operations located at A 51-53, RICO Growth Centre Hamirgarh in Bhilwara, Rajasthan. The acquisition involves purchasing renewable power through a Wind Solar Hybrid Project that qualifies as a captive consumer under the Electricity Act/Rules.
The transaction details reveal the acquired entity, CGE I Hybrid Private Limited, which is structured as a Special Purpose Vehicle (SPV) and a subsidiary of Continuum Green Energy Limited. This company focuses on power generation, distribution, transmission, and supply of renewable power in Rajasthan. The acquisition process was noted to have an indicative timeline for completion extending up to August 2026.
The total equity investment cost for this acquisition amounts to up to Rs. 3.33 Crs, with the consideration being a cash payment via online banking.
Key details regarding the acquisition and the target entity are summarized below:
| Detail | Lagnam Spintex Acquisition Details | Target Entity (CGE I Hybrid Private Limited) Information |
|---|---|---|
| Acquired Stake | 0.68% | N/A |
| Purpose of Acquisition | To augment captive renewable energy supply by up to 3.5 MW for plants in Bhilwara, Rajasthan. | N/A |
| Industry | Renewable Energy / Solar Power Generation | Solar Power Generation |
| Cost of Acquisition | Up to Rs. 3.33 Crs (Equity Investment) | N/A |
| Target Company Status | N/A | Subsidiary of Continuum Green Energy Limited; SPV for power generation in Rajasthan. |
| Target Financials (2024-25) | N/A | Turnover: NIL; Paid-up Share Capital: Rs. 349,00,00,000; Authorized Share Capital: Rs.550,00,00,000 |
| Target Incorporation Date | N/A | December 2, 2021 |
LAGNAM Stock Price Movement
Today, Lagnam Spintex Limited shares edged higher to close at ₹88.78, marking an appreciation of 4.6% for the company today. The stock traded within a tight range during the session, touching a low of ₹85.79 and reaching a high of ₹92.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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