GMR Power and Urban Infra Limited ("Company") has acquired 100% stake in GMR Green Energy Private Limited ("GGEPL") from GMR Solar Energy Private Limited ("GSEPL") a fellow subsidiary.
The Company has acquired entire 50,000 equity shares of GGEPL at face value of Rs. 10/- each for an aggregate cash consideration of Rs. 5,00,000 /- (Rupees five lakh only) on June 21, 2022.
GGEPL was incorporated during the year 2022 with the objective to pursue opportunities in the Green Energy business and is yet to commence commercial operations.
The acquisition did not require any government or regulatory approval.
Pursuant to the above acquisition, GGEPL would become a Wholly Owned Subsidiary of the Company.