Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Sunedison Infrastructure Ltd enters into framework agreement

Posted On: 2020-06-24 12:55:58


Sunedison Infrastructure Ltd has entered into a framework agreement dated June 23, 2020 with 1) South Lake One LLC ('South Lake'), 2) Fenice Investment Group LLC ('Fenice'), 3) Pashupathy Shankar Gopalan, 4) Anil Jain, 5) SILRES Energy Solutions Private Limited ('SILRES'), 6) Pashupathy Capital Pte. Ltd., 7) Sherisha Infrastructure Private Limited, 8) Sherisha Technologies Private Limited and 9) Avyan Pashupathy Capital Advisors Private Limited ('Framework Agreement') to lay out the parameters under which the under-construction C&I and certain other businesses of the Company will be restructured and transferred to SunEdison Energy Solutions Private Limited, a joint venture company between 1) Sherisha Infrastructure Private Limited (a company promoted by Anil Jain), and 2) a company proposed to be set up in the United Kingdom by Pashupathy Capital Pte. Ltd. (a company promoted by Pashupathy Shankar Gopalan), South Lake and Fenice. Under the terms of the Framework Agreement, South Lake has also agreed to invest USD 10,000,000 (United States Dollar Ten million) into SILRES, a subsidiary of the Company, as an interim measure to fund certain urgent working capital requirements.

The proposed restructuring being undertaken is primarily to separate the completed projects from the under-development projects and to transfer the under-development projects, along with the engineering procurement and construction ("EPC") business of the Company and the Trademark 'SunEdison' and goodwill associated therewith, by way of a slump sale as a going concern, to SunEdison Energy Solutions Private Limited. The details of the under-development businesses and the EPC and the Trademark 'SunEdison' that will form part of the slump sale, are below:

1. EPC business of the Company and the Trademark 'SunEdison', as a going concern;

2. 100% of the equity shares held by the Company in Ishaan Solar Power Private Limited (which will, upon completion of the internal restructuring, hold 100% of SEI Tejas Private Limited) and SILRES Energy Solutions Private Limited;

3. 36% of partnership interest (constituting 99.99% of the economic interest) of Sherisha Solar LLP (currently Sherisha Solar Private Limited, which will be converted into a limited liability partnership as part of the internal restructuring process); and

4. 51% of equity shares of each of Enrecover Energy Recovery Solutions Private Limited and Megamic Electronics Private Limited.

The slump sale will be completed pursuant to a business transfer agreement to be executed once the valuation of the businesses and subsidiaries being transferred is undertaken by an external valuer and the shareholders of the Company have approved the slump sale.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

DCM Nouvelle Ltd performs Bhoomi Poojan for new plant at Hisar, Haryana

The Sukhjit Starch and Chemicals Ltd board approves warrants issue at Rs. 300

Rail Vikas Nigam Ltd secures Rs. 1034.90 crore contract for Indore Metro Rail project

Welspun India Ltd board approves plan to expand towel manufacturing capacity

Mukand Ltd announces retirement of MD, Joint MD

Gujarat Themis Biosyn Ltd announces resignation of Non-Executive Directors

Sunteck Realty Ltd appoints two independent directors

SREI Infrastructure Finance Ltd announces resignation of Mr. Ram Krishna Agarwal as Director

KEC International acquires an EPC company in the Oil and Gas Pipelines sector

Bliss GVS Pharma Limited purchases immovable property from JMFARC

Adani Ports and Special Economic Zone Ltd board approves issue of NCDs to raise Rs. 1000 crore

Shree Ganesh Remedies Limited board recommends 1:5 bonus issue

Sobha Ltd appoints Mr. Yogesh Bansal as CFO

Orchid Pharma Ltd updates on transfer of formulations business

IRB Sindhudurg Airport Pvt. Ltd., receives Aerodrome License for its Sindhudurg Airport at Chipi

INOX Leisure Limited starts commercial operations of Multiplex Cinema Theatre at Reliance Mall, Bhilwara

Zydus Cadila receives final approval from USFDA for Vortioxetine Tablets

ISGEC Heavy Engineering Ltd shareholders approve appointment of directors

Apollo Hospitals Perform India's First True Robotic Bariatric Surgery using Robotic Staplers

IIFL Home Finance signs agreement for Co-lending with Punjab National Bank

CM Naveen Patnaik Inaugurates the extended Alumina refinery of Utkal Alumina at Kashipur, Rayagada

Tamilnad Mercantile Bank Inaugurates e-Lobby at Tirumala

Eveready Industries Ltd initiates recovery proceedings for Rs. 4.12 crores from McNally

India Ratings Revises Aegis Logistics' Outlook to Positive, Affirms 'IND AA'

Route Mobile Limited board to consider fund raising proposal on Sep 22, 2021

HLE Glascoat to acquire the global business of Thaletec GmbH

MAS Financial Services Ltd raises INR 100 crore via market-linked NCDs (MLD)

NCL Industries Ltd inks JV agreement with Moravia Containers A.S.

Asian Energy Services Limited to invest in VAAN Electric Moto Pvt Ltd

NODWIN Gaming acquires gaming adjacent IPs and gaming talent business from OML Entertainment for INR 73 Crores

Bajaj Finance Ltd invests Rs. 195.54 crore in Bajaj Finserv Direct Ltd

Vipul Organics Ltd to acquire industrial land

Wipro announces Co-innovation Space with Google Cloud

NODWIN to acquire Gaming and Live IPs of OML Entertainment Pvt Ltd

Mr. Venugopalan Kesavan resigns as Group CFO of Narayana Hrudayalaya Ltd

G E Shipping delivers its 2003 built Aframax Crude Carrier 'Jag Lata'

Intellect announces Strategic Partnership with Resurs Bank

JM Financial Products Limited announces Tranche I Public Issue of upto Rs. 500 crore of NCDs

Ramky Infrastructure Limited bags contract of Rs. 250 crores

The Shipping Corporation of India Ltd gets Ministry approval for demerger of non-core assets

Moneyboxx Finance raises INR 7.5 crore from DCB Bank Ltd

pTron launches Gaming Earbuds and 3 New TWS Earbuds ahead of the Festive Season, Prices starts at 999/-

Gloster Limited signs MoU with Telangana Government for investment of Rs. 330 crores

Sobha Limited announces resignation of CFO

Bajaj Holdings & Investment Ltd board declares interim dividend of Rs. 90

Coral Laboratories Ltd announces resignation of Non-Executive Director

SAB Industries Ltd announces resignation of MD

Dynamatic to manufacture Aerostructure Assemblies for Boeing's F-15EX Eagle II Fighter Aircraft

Zensar recognized as a Disruptor in Avasant' s Digital Talent Capability 2021 RadarView™report

eClerx Services Limited board approves buy back of shares at Rs. 2850


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020