Karma Energy Announces Disinvestment For Its Subsidiaries
Karma Energy Limited announces Diversification / Disinvestment for its subsidiaries. Detailed information is annexed below:
|1||Name of the Company in which the investment is being divested|
1. Khandesh Energy Projects Ltd (KEPL)
2. Baledh Energy Projects Ltd (BEPL)
3. Weizmann Corporate Services Ltd (WCSL)
Investment divested by 100% Subsidiary Company namely Greenweiz Projects Ltd in its subsidiary i.e. stepdown subsidiary of the company
1. Brahmanvel Energy Ltd (BEL)
2. Vajharpada Energy Ltd (VEL)
|2||Date on which the agreement for sale has been entered into||September 17, 2018|
|3||The expected date of completion of sale/disposal||September 17, 2018|
|4||Consideration received for such sale/disposal|
1. Khandesh Energy Projects Ltd - Rs.20.08 Lakh
2. Baledh Energy Projects Ltd - Rs.0.09 Lakh
3. Weizmann Corporate Services Ltd - Rs.140.06 Lakh
4. Brahmanvel Energy Ltd - Rs.29.73 Lakh
5. Vajharpada Energy Ltd - Rs.0.91 Lakh
|5||Brief details of buyers and whether any of the buyers belong to the promoter/promoter group/group companies. If yes details thereof|
1. For Khandesh Energy Projects Ltd - The buyer is Windia Infrastructure Finance Ltd and the buyer belongs to the promoter group.
2. For Baledh Energy Projects Ltd the buyer is Windia Infrastructure Finance Ltd and the buyer is a promoter group company.
3. For Weizmann Corporate Services Ltd the buyer is Windia Infrastructure Finance Ltd and the buyer is a promoter group company.
4. For Brahmanvel Energy Ltd the buyer is Windia Infrastructure Finance Ltd and the buyer is a promoter group company
5. For Vajharpada Energy Ltd the buyers are Windia Infrastructure Finance Ltd, Tapi Energy Projects Ltd and Weizmann Ltd and the buyers are promoter group companies.
|6||Whether the transaction would fall within the related party transaction? If yes, whether the same is done at "arms-length"||Yes, the transaction is a Related party transaction and since the transaction being executed at fair value is an arms length transaction.|
|7||Additionally, in case of a slump sale, indicative disclosures provided for amalgamation/merger, shall be disclosed by the listed entity with respect "'- to such slump sale.||N.A.|