Suzlon Enters Agreement To Sell Its Subsidiaries Amun & Avighna
Suzlon Energy Limited informs that in terms of Share Subscription and Shareholders' Agreement executed by the Company with (a) Canadian Solar Energy Holding Singapore Pte. Ltd. and Canadian Solar Energy Private Limited (together "Canadian Solar") and Amun Solarfarms Limited ("Amun") and (b) Canadian Solar and Avighna Solarfarms Limited ("A vighna"), the subsidiaries of the Company, the Company has completed sale of Amun and Avighna to Canadian Solar and accordingly Amun and Avighna have ceased to be the subsidiaries of the Company.
As a first part of the transaction, Canadian Solar acquired 49% stake in Amun and Avighna respectively for a combined cash consideration of Rs.26.42 Crores. And as second part of the transaction, Canadian Solar acquired balance 51 % stake in Amun and Avighna respectively for a combined cash consideration of Rs.28.11 Crores.