Relaxo Footwears to Invest ₹ 2.50 Crores in Captive Solar Power Project
Relaxo Footwears Limited announced that its Board of Directors approved an investment in a group captive solar power project designed for its manufacturing facilities across Haryana. The investment will involve subscribing to and/or acquiring equity shares in a special purpose vehicle (SPV) being established by CleanMax Enviro Energy Solutions Limited and its affiliates.The Board of Directors accorded the approval to invest up to ₹ 2.50 crores (Rupees Two crores fifty lakhs only).
This initiative, focused on renewable energy, aims to facilitate the development, operation, and maintenance of captive solar power project(s) and allied activities for the Company’s manufacturing facilities across Haryana. The proposed SPV is expected to be incorporated in India.
In connection with this transaction, the Company plans to enter into several critical agreements, including a Term Sheet, Energy Supply Agreement, Investment Agreement (Share Purchase and Shareholding Agreement), and Performance Incentive Agreement with the proposed SPV, CleanMax Enviro Energy Solutions Limited, and other relevant parties.
The proposed SPV is set to be an associate of the Company upon the acquisition or subscription of approximately 26% of its equity share capital.
Investment Details
The key operational and financial details regarding the proposed SPV and the investment structure are outlined below:| Particulars | Details |
|---|---|
| Proposed SPV Name | To be approved by the Ministry of Corporate Affairs, Government of India. |
| Incorporation Country | India |
| Industry | Renewable Energy |
| Holding Company | CleanMax Enviro Energy Solutions Limited and/or its affiliates |
| Investment Purpose | Development, operation, and maintenance of captive solar power project(s) for manufacturing facilities in Haryana. |
| Consideration Nature | Cash consideration |
| Investment Amount / Cost | Up to ₹ 2.50 crores |
| Shareholding by Relaxo | 26% of the equity share capital of the proposed SPV |
RELAXO Stock Price Movement
On Wednesday, Relaxo Footwears Limited shares edged higher to close at ₹302, having gained 0.17% for the session. The stock traded on 69,842 shares, settling within a day range established between ₹300.8 and ₹306.7.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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