KPI Green Energy Ltd. acquired KPark Sunbeat Ltd. from promoter Dr. Faruk G. Patel.
The company acquired a 99.90% stake in the company to consolidate the solar power projects of the KP Group under a single entity. This will help the company better allocate resources and achieve its target to reach a combined renewable energy capacity of 1,000 MW by 2025, an exchange filing said on Monday.
The company acquired the stake for a cash consideration of Rs 126.70 crore and has been allotted 15.1 lakh equity shares.
KPark Sunbeat is engaged in the development of solar power projects. It owns 2,11,367 sq. metres of land in Surendranagar, Gujarat.
Shares of KPI Green Energy closed 3.17% higher at Rs 1,189 apiece, compared to a 2.07% advance in the NSE Nifty 50.
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