Sangam renewables Ltd divests entire stake in WAACOX Energy to Aditya Birla Renewables Ltd

Sangam renewables Ltd. had announced on July 5, 2021 the completion of its entire stake sale (51%) in its subsidiary, WAACOX Energy Pvt Ltd (WEPL) to Aditya Birla Renewables Ltd, ABRel, for an amount of Rs. 41,60,35,305. ABRel earlier held 49% in WEPL, and now shall own 100% stake. The company shall use these proceeds to reduce its short-term debt by Rs. 40,32,92,379.00 on a standalone basis.

WEPL had 24 MWp of operational Solar Plants which were co-developed by SARel and ABRel. The PPA of these projects in WEPL is held by Mahagenco and Mahadiscom. Despite of the Covid-19 restrictions, Non availability of manpower and other obstacles, SARel successfully managed to connect & commission projects before time.

On the occasion of the completion of the transaction, Mr Hitesh Mehta, CFO of the company said "We are glad to have completed this transaction with ABReL who have helped us co-develop these projects. Despite of a lot of headwinds, we were able to finish the project ahead of time while maintaining quality standards for which I thank the team of SARel and ABReL for working diligently."

Shares of Sangam Renewables Ltd was last trading in BSE at Rs. 124.85 as compared to the previous close of Rs. 126.65. The total number of shares traded during the day was 29952 in over 181 trades.

The stock hit an intraday high of Rs. 129.7 and intraday low of 122.05. The net turnover during the day was Rs. 3752601.

Source : Equity Bulls

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