Nature of the Event
GEM Enviro Management Limited has entered into a Share Subscription Agreement with Solluz Energy Private Limited to acquire a significant minority stake, making a strategic investment in the energy sector.
Key Quantitative Figures
- Number of shares acquired: 21,10,680 Equity Shares
- Percentage of share capital: 26% of Solluz Energy Private Limited
- Total investment amount: ₹5,06,56,320 (Rupees Five Crore Six Lakh Fifty-Six Thousand Three Hundred Twenty only)
- Face value per share: ₹10
- Price per equity share: ₹24 (including a premium of ₹14 per share)
Parties Involved
- GEM Enviro Management Limited (Scrip Code: 544199, Scrip ID: GEMENVIRO)
- Solluz Energy Private Limited (CIN: U52100DL2015PTC277648)
Purpose and Rationale
The Share Subscription Agreement was entered for the purpose of acquiring 26% share capital of Solluz Energy Private Limited. The investment represents a strategic expansion into the energy sector.
Significant Terms of the Agreement
- Right to nominate up to two Directors on the Board of Solluz
- Pre-emptive rights on further issue of Equity Securities
- Right of first offer on transfer of shares by the Promoters of Solluz
- Specified tag-along rights
- Certain reserved matters, including changes in capital structure, issue of securities and other specified material matters, require prior consent of GEM Enviro Management Limited
Relationship Status
- No existing shareholding in Solluz Energy Private Limited prior to this transaction
- The parties are not related to promoter/promoter group/group companies in any manner
- The transaction does not fall within related party transactions
- Subsequent to this investment, Solluz will become an associate of GEM Enviro Management Limited
Corporate Details
GEM Enviro Management Limited
Corporate Office: 3rd Floor, A-115, Noida-Greater Noida Expressway, Sector-136
Company Secretary and Compliance Officer: Tripti Goyal (Membership No.: ACS73180)