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Cipla inks pact to acquire 26 pc stake in AMPSolar Power Systems

PTI:  May 24, 2019

New Delhi: Drug firm Cipla Thursday said it has signed an agreement to acquire 26 per cent stake on a fully diluted basis in AMPSolar Power Systems Pvt Ltd for a cash consideration of up to Rs 12.90 crore.

AMPSolar Power Systems Pvt Ltd is a wholly owned subsidiary of AMPSolar Technology Pvt Ltd and is a special purpose vehicle formed for the purpose of setting up a captive solar power project in Maharashtra, Cipla said in a filing to the BSE.

Cipla will acquire and maintain 26 per cent stake on a fully diluted basis in AMPSolar throughout the term of the power purchase agreement, share purchase, subscription and share holders agreement and other transaction documents, it added.

The indicative time-period for share purchase is June 12, 2019, it added.

Shares of Cipla Ltd closed at Rs 563.45 per scrip on the BSE, up 1.70 per cent from its previous close.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.