Acquisition Details
- Target Entity: Zenwatt Clean Energy Private Limited (CIN: U27900GJ2023PTC142722)
- Acquired Stake: 63.5% of the equity share capital, comprising 635,000 equity shares.
- Cost of Acquisition: The purchase price was ₹18 per equity share, resulting in an aggregate consideration of ₹1,14,30,000 (₹1.14 crore).
- Consideration Type: Cash consideration.
- Nature of Transaction: Classified as a related party transaction, as the promoter and members of the promoter group are interested. The transaction was conducted on an arm's length basis and in accordance with applicable laws.
- Governmental Approvals: No governmental or regulatory approvals were required for this acquisition.
- Time Period: The acquisition process has been completed as of the disclosure date.
Target Company Background
- Industry: Battery Energy Storage Systems (BESS)
- Incorporation Date: July 07, 2023
- Share Capital:
- Authorized Share Capital: ₹3,00,00,000 (divided into 3,000,000 equity shares of ₹10 each)
- Paid-up Share Capital: ₹1,00,00,000 (divided into 1,000,000 equity shares of ₹10 each)
- Financials (Turnover):
- FY 2025-26: ₹5,13,000
- FY 2024-25: Nil
- FY 2023-24: Nil
- Geographic Presence: India
Rationale and Impact
The acquisition is in line with Zodiac Energy's objectives and is intended to support the company's long-term business expansion strategy. It will result in further expansion of Zodiac's business, expand its renewable energy portfolio, and strengthen its operational capabilities.