Standard Capital Markets Ltd Approves Investment in Sunbridge Solar Power Private Limited
Standard Capital Markets Limited has approved a strategic investment into Sunbridge Solar Power Private Limited through the subscription of Compulsorily Convertible Preference Shares (CCPS). This acquisition is intended to strengthen and diversify the Company's investment portfolio.The Board of Directors considered and sanctioned the investment, which falls under the category of a Cash Consideration transaction. The targeted company operates in the Renewable Energy / Solar Power sector.
Details regarding the investment and the investee company are as follows:
| Particulars | Details |
|---|---|
| Target Entity | Sunbridge Solar Power Private Limited |
| Industry | Renewable Energy / Solar Power |
| Investment Type | Subscription to Compulsorily Convertible Preference Shares (CCPS) |
| Cost of Acquisition | ₹1,200 Crore |
| CCPS Price | ₹13,615/- per CCPS |
| Quantity Acquired | 8,81,380 CCPS |
Sunbridge Solar Power Private Limited was incorporated on July 4, 2022. The company is engaged in the business of establishing, operating, and managing power generation and infrastructure projects using solar. These activities include consulting, EPC services, transmission, distribution, and related engineering work within India.
The investment has been structured as a strategic move for Standard Capital Markets Ltd to enhance its portfolio through diversification. The transaction is noted to be not a related party transaction, with no interest held by the promoter or promoter group in Sunbridge Solar Power Private Limited.
The subscription of CCPS will result in certain shareholding levels for the Company, which are detailed in the definitive transaction documents. The entire acquisition process is subject to the execution of definitive agreements, fulfillment of conditions precedent, and the receipt of applicable approvals.
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