Oriana Power Invests Rs 2.1 Crore in Wholly Owned Subsidiary Sunpulse Power for Renewable Energy Projects
Oriana Power Limited has approved an investment into its wholly owned subsidiary, Sunpulse Power Private Limited. The subscription was made through a Rights Issue Offer Letter and is set to increase the Company's stake in the renewable energy venture.The Operations Committee of Oriana Power approved the subscription of 21,00,000 equity shares of face value Rs 10 each in Sunpulse Power Private Limited. The total aggregate consideration for this investment amounts to Rs 2,10,00,000/-.
Sunpulse Power Private Limited is engaged in generation, distribution and selling of electricity, along with developing Solar Power Plants across India. The company operates within the Renewable Energy industry.
This investment supports the development of a Solar Power Plant being undertaken by Sunpulse Power Private Limited. The transaction has been conducted on an arm's length basis, as Sunpulse Power Private Limited is a wholly owned subsidiary of Oriana Power Limited and qualifies as a related party to the Company. Promoter, promoter group, and other group companies of Oriana Power Limited do not have any interest in Sunpulse Power Private Limited.
Prior to this Rights Issue, Oriana Power held 10,000 equity shares (representing 100% of the paidup equity share capital) of Sunpulse Power Private Limited. Following the subscription of the new shares, the total holding for Oriana Power will increase to 21,10,000 equity shares; however, the Company's percentage shareholding and control in the subsidiary will remain at 100%.
Key details regarding Sunpulse Power Private Limited and the transaction are summarized below:
| Particulars | Details |
|---|---|
| Target Entity Name | Sunpulse Power Private Limited |
| Industry | Renewable Energy |
| Authorised Share Capital | Rs 3,00,00,000/- |
| Paid-up Share Capital | Rs 1,00,000/- |
| Turnover (FY 25-26) | Nil |
| PAT (FY 25-26) | -0.63 |
| Net worth (FY 25-26) | 0.37 |
The investment is anticipated to be completed within a timeline of 30 days and was processed through a Cash Consideration model.
ORIANA Stock Price Movement
Oriana Power Limited shares slipped, finishing the trading day down 0.80% to close at ₹1462.75 today. Trading volume for the equity totaled 44,025 shares during the session.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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