Starlineps Enterprises Acquires 50% Stake in Celloraa Energy for Rs. 160 Crore
Starlineps Enterprises Ltd has announced a strategic investment into Celloraa Energy Private Limited, committing to acquire a 50 percent stake of the aggregate post money paid-up equity share capital of the Target Entity. The acquisition is valued at Rs. 160 Crore (Rupees One Hundred Sixty Crore).The proposed transaction will be executed in one or more tranches and is contingent upon customary conditions precedent, relevant regulatory approvals as required under applicable law(s), and shareholder approvals from Starlineps Enterprises Ltd. The company has stated that the acquisition is expected to be completed within the next 12 months.
Starlineps Enterprises will gain a majority stake through the subscription of new equity shares in Celloraa Energy Private Limited. The total cost of acquisition for the shares being purchased by Starlineps amounts to Rs. 64,000 per share, amounting to the aggregate investment value of Rs. 160 Crore.
Celloraa Energy Private Limited operates in the manufacturing of solar cells and is currently establishing a state-of-the-art 1.2 GW solar cell manufacturing facility. This facility is equipped with advanced German technology and incorporates sustainable, water-efficient manufacturing processes. As part of its long-term growth strategy, Celloraa plans to expand its solar cell manufacturing capacity up to 2.4 GW.
Key details regarding the acquisition and the target entity are summarized below:
| Detail | Description |
|---|---|
| Target Entity | Celloraa Energy Private Limited |
| Industry | Manufacturing of Solar Cell |
| Investment Value | Rs. 160 Crore (Rupees One Hundred Sixty Crore) |
| Stake Acquired | 50% stake on a fully diluted basis |
| Cost per Share | Rs. 64,000 |
| Transaction Method | Cash Consideration via subscription of new equity shares |
The acquisition does not fall under the related party transaction criteria, and the details provided indicate no existing interest held by Starlineps or its group companies in the entity being acquired.
Stock Price Movement
On Monday, Starlineps Enterprises Ltd settled at ₹10.63, ticking up 4.94% in the market. The shares moved throughout the trading session, bounded by an intraday low of ₹9.80 and a high of ₹10.63.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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