Cipla Ltd has signed an agreement on 23rd May 2019, to acquire 26% stake on a fully diluted basis in AMPSolar Power Systems Private limited ("AMPSolar").
AMPSolar is a wholly owned subsidiary of AMPSolar Technology Private Limited ("AMP") and is a Special Purpose Vehicle formed for purpose of setting up captive solar power project in Maharashtra.
In line with Cipla's commitment to enhance the proportion of renewable (solar) based power consumption and to comply with regulatory requirement for captive power consumption under electricity laws, Cipla will acquire and maintain 26% 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.
Post Acquisition, AMPSolar will become an associate of Cipla Limited.
The cost of acquisition is Rs. 12,90,00,000 (Indian Rupees twelve crore and ninety lakh) for acquisition of 26% stake on a fully diluted basis in one or more tranches.
Shares of CIPLA LTD. was last trading in BSE at Rs.563.45 as compared to the previous close of Rs. 554.05. The total number of shares traded during the day was 208826 in over 3455 trades.
The stock hit an intraday high of Rs. 568.05 and intraday low of 544. The net turnover during the day was Rs. 116904042.