HG Infra Engineering Arm Sells Stakes In Step-Down Subsidiaries
The HG Infra Engineering arm sold 2,600 equity shares at a price of Rs 10 apiece for an aggregate consideration of Rs 26,000 in each company.
HG Infra Engineering Ltd. said on Tuesday that four of its step-down subsidiaries were no longer wholly owned by it.
The development is the result of the company's wholly owned subsidiary, HG Green Energy Pvt., transferring 26% of its partial stake from the wholly owned subsidiaries to Stockwell Solar Services Pvt., according to an exchange filing.
However, they continue to be subsidiaries of the company. The construction and engineering company continues to hold stakes in them, but its shareholding in them has been reduced to less than 100%, it added.
HG Mathania Solar Project Pvt., HG Nokha Solar Project Pvt., HG Rajlani Solar Project Pvt. and HG Sri Dungargarh Solar Project Pvt. are the companies in which HG Green Energy sold the stakes.
As part of the transaction, HG Green Energy's stakes in the four companies fetched it a total of Rs 1.04 lakh. The HG Infra Engineering arm sold 2,600 equity shares at a price of Rs 10 apiece for an aggregate consideration of Rs 26,000 in each company.
Neither of these companies were part of any contributions by way of turnover, revenue, or income to HG Infra Engineering during the last financial year, as they were all incorporated in the current fiscal.
The company stated that it will credit shares of all four companies to Stockwell Solar Services' account on or before Dec. 27, 2024.
As Stockwell Solar Services does not belong to the promoter, promoter group, or group companies, the deals would not fall under the related party transactions, the filing added.
The IITians-founded Stockwell Solar Services specialises in providing services like financing, installing, and maintaining the solar power system on the consumer's property.
Additionally, the company informed in another filing that it has closed the Trading Window of its securities for all designated persons and their immediate relatives from Jan. 1, 2025, till 48 hours after the declaration of unaudited financial results of the company for the quarter ended Dec. 31, 2024, with both days being inclusive.
Shares of HG Infra Engineering Ltd. closed 2.86% higher at Rs 1,502 apiece on the BSE, compared to a 0.09% decline in the benchmark Sensex.
