Sanginita Chemicals Completes Preferential Allotment; Acquires 100% Stake in AGEL Through Share Swap
Sanginita Chemicals Limited has completed the preferential allotment of equity shares for consideration other than cash. The allotment was made to B N G Investment LLC, in exchange for the acquisition of equity shares representing 100% of the shareholding in Agastya Green Energy Limited (AGEL).The company allotted 1,52,87,356 fully paid-up equity shares for consideration other than cash. These shares have a face value of Rs. 10/- each and were issued at an issue price of Rs. 13.05/- per share, which includes a premium of Rs. 3.05/-. The total consideration for these shares amounted to Rs. 19,94,99,995.80.
The allottee details are as follows:
| Sr. No | Name of the Allottee | Number of equity shares | Issue Price | Consideration | Category/ Status |
|---|---|---|---|---|---|
| 1 | B N G Investment LLC | 1,52,87,356 | Rs. 13.05 | Rs. 19,94,99,995.80 | Promoter |
The transaction involved the issuance of shares for consideration other than cash in exchange for the acquisition of 95,00,000 equity shares belonging to Agastya Green Energy Limited (AGEL).
Financial and Operational Changes
Following the allotment, the company's Paid-up Equity Share Capital saw an increase. Previously, the paid-up capital was Rs. 25,90,15,500, comprising 2,59,01,550 equity shares of Rs. 10/- each. Post-allotment, the capital stands at Rs. 4,11,88,906, corresponding to 4,11,88,906 equity shares of Rs. 10/- each.The newly allotted equity shares are pari-passu with existing equity shares and are subject to stipulated lock-in restrictions.
Strategic Significance
The share swap results in Sanginita Chemicals Limited becoming the wholly owned subsidiary of AGEL. Consequentially, Agastya Energy Industries Private Limited and Agastya Solar UPI Private Limited, which were subsidiaries of AGEL, will become a step-down subsidiary of Sanginita Chemicals Limited. This ownership structure includes two other entities: BN UP Kusum Solar 1 Private Limited and IMC Solar BON LLP.SANGINITA Stock Price Movement
Shares of SANGINITA surged today, closing the post-market session at ₹32.84 after delivering a solid 1.99% gain over the day. The equity traded within a range spanning from ₹31.56 to ₹32.84 and saw 39,752 shares change hands during trading.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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