In talks to sell stake in another arm: Suryachakra Power

3298 Investors following Suryachakra Power. Share this News with them.

0

Like this story, share it with millions of investors on M3

In talks to sell stake in another arm: Suryachakra Power

Suryachakra Power Corporation is selling 26% of its stake in its subsidiary Suryachakra Global Enviro Power to Climate Change Investment at Rs 28.98 per share. In an interview with CNBC-TV18, SM Manepalli, MD, Suryachakra Power spoke about the stake sale and the company's fund raising plans going forward.

Post your opinion here

 

0

Tweet

Share on Tumblr

RELATED NEWS Is it time to add power to your portfolio? Power booster: Experts debate on what needs to be done ALSO READ See latest News about Suryachakra Power See previous management interviews See what other Experts & Brokerages are saying about Suryachakra Power BSE | NSE 01/01/70 Are Mutual Funds betting on ?

Hyderabad-based Suryachakra Power Corporation is selling 26% of its stake in its subsidiary Suryachakra Global Enviro Power to Climate Change Investment (CCI) at Rs 28.98 per share.

In an interview with CNBC-TV18, SM Manepalli, MD, Suryachakra Power spoke about the stake sale and the company's fund raising plans going forward.

Here is a verbatim transcript of the interview. Also watch the accompanying video.

Q: Could you confirm to us how much stake are you selling of your subsidiary and what does this subsidiary bring to you in terms of revenues?

A: We have given 26.1% stake after restructuring Suryachakra Global Enviro Power to CCI. They valued the company at Rs 200 crore odd and 26.1% shares we allotted to them at Rs 29. It is an additional allotment. Going forward they are also further investing in other subsidiaries, which is third line holding companies also.

Q: Is there going to be further dilution in your subsidiary?

A: Not in this subsidiary. In another subsidiary some more dilution is happening. But we will let you know might be in another week or 10 days. It's almost in the final stages.