Main Disclosure – Disinvestment Details
Target Entity: MITCON Solar Alliance Limited
Percentage Stake Disinvested: Entire shareholding of 12,04,999 Equity Shares (100% stake reduction)
Post-Transaction Holding: 0% - Company will cease to be a shareholder
Counterparty/Buyer: MITCON Sun Power Limited (wholly-owned subsidiary of MITCON Consultancy & Engineering Services Limited)
Mode of Consideration: Cash
Consideration Amount: ₹2,40,49,990/- (Rupees Two Crore Forty Lakh Forty Nine Thousand Nine Hundred Ninety Only) plus applicable taxes, duties, and other charges
Valuation or Price Basis: Not explicitly disclosed in the document
Rationale for Disinvestment: Strategic divestment of investment in a captive solar power plant SPV
Related Party Status: No - The buyer does not belong to the Promoter/Promoter Group of the Company. The transaction is not a related party transaction.
Approvals Required: Not mentioned in the document
Indicative Timeline: Completion expected within one month from agreement date (07th October, 2026)
Business Profile of Target Entity
Sector: Renewable Energy - Captive Solar Power Plant
Corporate Structure: Special Purpose Vehicle formed by MITCON Consultancy & Engineering Services Limited through its wholly-owned subsidiary MITCON Sun Power Limited
Financial Performance (FY 2025-26 Audited):
- Total Income: ₹679.26 Lakhs (₹6.79 Crore)
- Total Equity: ₹984.81 Lakhs (₹9.85 Crore)
Status: Subsidiary of MITCON Consultancy & Engineering Services Limited. Neither an Associate Company nor a Subsidiary Company of Pudumjee Paper Products Limited.
Other Updates
No other disclosures are present in the document.