Suzlon Energy To Sell Its Subsidiary Tornado To CLP
Suzlon Energy Limited informs that in terms of Share Purchase and Shareholders' Agreement executed by the Company with CLP Wind Farms (India) Private Limited (CLP) and Tornado Solarfarms Limited (Tornado), the subsidiary of the Company, the Company has completed sale of Tornado to CLP and accordingly Tornado has ceased to be a subsidiary of the Company. Detailed information is annexed below:
|The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year||The turnover of Tornado in the previous financial year (FY 18) was Rs.6.09 Crores, whereas the net worth of Tornado as on 3151 March 2018 was Rs.14.08 Crores.|
|Date on which the agreement for sale has been entered into / transfer of securities||26 th November 2018, being the execution date for the transfer of securities.|
|The expected date of completion of sale/disposal||26 th November 2018.|
|Consideration received from such sale / disposal|
As a first part of the transaction, CLP acquired 49% stake in Tornado for a cash consideration of Rs.15.92 Crores.
And as second part of the transaction, CLP acquired balance 51% stake in Tornado for a cash consideration of Rs.16.57 Crores.
|Brief details about the buyers and whether any of the buyers belong to the promoter/promoter group/group companies. If yes, details thereof||CLP Wind Farms (India) Private Limited. The said buyer does not belong to the promoter/promoter group/group companies.|
|Whether the transaction would fall within related party transactions? If yes, whether the same is done at "arm's length"||The transaction would not fall within related party transactions.|
|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||Not Applicable.|