Inox Green Energy Services Divests Entire Stake In Two Subsidiaries
The subsidiaries have been sold to Aliento Wind Energy, which is a related-party controlled and owned by significant beneficial owners of Inox Green.
Inox Green Energy Services Ltd. divested its entire stake in two wholly owned subsidiaries to Aliento Wind Energy Pvt. as part of its business restructuring.
The wind turbine operator entered into share purchase agreements to sell the stakes in Flurry Wind Energy Pvt. and Flutter Wind Energy Pvt., according to an exchange filing.
The pact involved Inox Green selling the entire issued and paid-up equity share capital of 10,000 equity shares of Rs 10 each in both the subsidiaries "for cash consideration at par" to Aliento Wind, the filing added.
Aliento Wind is a related-party controlled and owned by significant beneficial owners of Inox Green, which said the transaction had been done at an arm's length.
In November, Inox Green had entered into an agreement to sell all the shares of its subsidiary, Aliento Wind. While Nani Virani Wind Energy counts as "a related-party controlled and owned by significant beneficial owners of the company", it did not belong to the promoter or promoter group, Inox Green had said.
The deal involved selling the entire issued and paid-up equity share capital of Rs 1,00,000 comprising of 1,00,000 equity shares of Re 1 of Aliento Wind.
In the second quarter of the current financial year, Inox Green's revenue rose 10% to Rs 64 crore from Rs 58 crore in the same period in the previous fiscal. Net profit remained flat at Rs 6 crore. The earnings before interest, taxes, depreciation and amortisation was at Rs 34 crore in the September quarter as compared to Rs 31 crore in the year-ago period.
Shares of Inox Green Energy Services Ltd. closed 3.33% higher at Rs 175.25 apiece on the BSE, compared to a 0.07% decline in the benchmark Sensex.
