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.
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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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