Parties Involved: Agreement executed with Bhuj Wind Energy Private Ltd, a subsidiary of Continuum Green Energy Ltd.
Purpose: To comply with regulatory requirements for captive power plants under the provisions of Electricity Act, 2003 and Indian Electricity Rules, 2005, and for procurement of cost-effective renewable energy.
Investment Details: The Company will subscribe to 26% equity capital in Bhuj Wind Energy Private Ltd by investing ₹2,62,50,000 (₹2.62 crore).
Timeline: Share subscription will be completed approximately in 3 months, in one or more tranches.
Relationship and Transaction Nature
The promoter/promoter group/group companies of Stove Kraft do not have any interest in Bhuj Wind Energy Private Ltd.
The acquisition does not fall within the purview of Related Party Transactions.
Additional Information
No special rights like right to appoint directors, first right to share subscription, or right to restrict capital structure changes were disclosed.
The disclosure does not involve issuance of shares to parties, nominee board appointments, or potential conflict of interest matters.
