CIE Automotive India Limited disclosed that its wholly owned subsidiary, CIE Hosur Limited (CHL), has completed the disinvestment of its entire stake in Ojaha Renewables Private Limited (ORPL).

Background and Previous Disclosures

This disclosure follows previous communications dated 29th January, 2024 and 25th April, 2024 where the company had informed:

  • CHL executed a Share Subscription and Shareholders Agreement (SSSHA) on 29th January, 2024
  • Under SSSHA, CHL agreed to subscribe up to 27.89% of ORPL's equity share capital
  • CHL committed to invest up to ₹16.2 million for equity subscription
  • The purpose was procurement of green energy from captive solar power generating plants to be set up by ORPL
  • On 25th April, 2024, ORPL allotted 2,02,500 equity shares of ₹10 each to CHL
  • This allotment constituted 27.89% of ORPL's Paid-up Equity Share Capital
  • ORPL became an Associate of CHL following this investment

Current Transaction Details

  • Transaction Date: 25th June, 2026
  • Action Taken: CHL has disinvested and sold all 2,02,500 equity shares of ORPL
  • Consideration: ₹1,62,00,000 (Rupees One Crore Sixty-Two Lakh Only)
  • Buyer: CSE Development (India) Private Limited
  • Legal Basis: Transaction executed in accordance with SSSHA terms and Letter Agreement dated 25th June 2026

Relationship Impact

  • Following the disinvestment, ORPL ceases to be an Associate of CHL
  • Consequently, ORPL also ceases to be an Associate of CIE Automotive India Limited

Additional Disclosures from Annexure-I

  • Date of Agreement: 25th June, 2026
  • Expected Completion Date: 25th June, 2026 (transaction completed same day)
  • Buyer Details: CSE Development (India) Private Limited does not belong to the Promoter/Promoter Group of the Company
  • Related Party Status: The transaction will not be a related party transaction
  • Promoter Interest: None of the promoter/promoter group/group companies have any interest in the entity
  • Scheme of Arrangement: Not applicable to this transaction
  • Slump Sale: Not applicable to this transaction

Financial Impact

The transaction resulted in cash inflow of ₹1.62 crore to CHL from the sale of its investment in ORPL.