Nitin Spinners Limited Acquires Stake in CGE ll Hybrid Energy Private Limited
Nitin Spinners Limited announced on March 27, 2026, that its Investment Committee approved the execution of a Power Supply Agreement and Share Purchase Agreement with CGE ll Hybrid Energy Private Limited.The acquisition, which does not constitute a related party transaction, involves the purchase of 6.66% equity shares in CGE ll Hybrid Energy Private Limited. The total cost of acquisition amounts to Rs.95202020, with a value of Rs.10 per share. Payment will be made through an online banking system.
CGE ll Hybrid Energy Private Limited was incorporated on December 2, 2021, and is a subsidiary of Continuum Green Energy Limited. The company is engaged in power generation, distribution, transmission, and supply of renewable power in Rajasthan. As of March 31, 2025, its turnover was NIL. The company’s authorized share capital is Rs.5,72,98,72,727, with a paid-up capital of Rs.1,42,80,30,303.
The acquisition is intended to secure a 10 MW renewable power supply for Nitin Spinners Limited’s plants located in Bhanwaria Kalan, Begun, and Chittorgarh, Rajasthan, qualifying as a captive consumer under the Electricity Act. The transaction is expected to be completed on or before September 30, 2026, and is subject to customary conditions.
| Particulars | Details |
|---|---|
| Target Entity Details | Name: CGE ll Hybrid Energy Private Limited; Authorized Share Capital: Rs.5,72,98,72,727; Paid Up Share Capital: Rs.1,42,80,30,303; Turnover (March 31, 2025): NIL |
| Related Party Transaction | Not a related party transaction; No interest from promoter/promoter group/group companies. |
| Business of Target Entity | Power Generation |
| Reason for Acquisition | To secure renewable power supply. |
| Approvals Required | Not applicable |
| Completion Timeframe | On or before September 30, 2026 |
| Form of Acquisition | Cash consideration |
| Acquisition Cost | Rs.95202020 |
| Equity Stake Acquired | 6.66% |
| Additional Information | Subsidiary of Continuum Green Energy Limited; Date of Incorporation: December 2, 2021; Financial Year Turnover: NIL for 2022-23, 2023-24, and 2024-25. |
Source:
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.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.