VIRESCENT INFRASTRUCTURE INVESTMENT MANAGER PRIVATE LIMITED
Company Identity Number - U74999MH2020PTC344288
Email: info@virescent.co.in
Registered Office: 10th Floor, Parinee Crescenzo, C- 30, G Block, Bandra Kurla Complex, Bandra
(East) Mumbai 400051 Maharashtra, India
October 19, 2022
National Stock Exchange of India Limited | BSE Limited |
Exchange Plaza, C-1,Block-G Bandra Kurla | Phiroze Jeejeebhoy Towers |
Complex, Bandra (E), Mumbai-400051 | Dalal Street, |
Symbol- VIRESCENT | Mumbai - 400 001 |
Security Code- 973576, 973577, 973578, | |
973769, 973770, 974105, 974225, 974226 | |
Subject: Acquisition of operating solar project owned by Jakson Power Private Limited via slump sale
Dear Sir/ Madam,
Pursuant to Regulation 23(6)(a) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and other applicable laws and regulations, this is to inform you that Universal Saur Urja Private Limited ("USUPL"), 100% subsidiary of Virescent Renewable Energy Trust("VRET") is acquiring 20.0 MW AC / 25.9 MW DC operational solar project in Jodhpur district of Rajasthan currently owned by Jakson Power Private Limited ("JPPL") pursuant to a binding Business Transfer Agreement ("BTA").
The disclosure of the investment is enclosed hereto as Annexure A. You are requested to take the same on record.
Thanking you,
For Virescent Infrastructure Investment Manager Private Limited
Sanjay Grewal
Whole-time Director and CEO
CC:
Axis Trustee Services Limited ("Trustee of the | Catalyst Trusteeship Limited ("Debenture |
InvIT") | Trustee") |
Axis House, Bombay Dyeing Mills Compound, | Windsor, 6th floor, Office No.604, C.S.T Road, |
Pandurang Budhkar Marg, Worli, | Kalina, Santacruz (East), Mumbai - 400098 |
Mumbai - 400 025, Maharashtra, India |
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VIRESCENT INFRASTRUCTURE INVESTMENT MANAGER PRIVATE LIMITED
Company Identity Number - U74999MH2020PTC344288
Email: info@virescent.co.in
Registered Office: 10th Floor, Parinee Crescenzo, C- 30, G Block, Bandra Kurla Complex, Bandra
(East) Mumbai 400051 Maharashtra, India
Annexure-A
Details of Asset proposed to be acquired
Sr. No. | Particulars | Details | ||
1. | Brief details of the projects such as | Project: 20.0 MW AC / 25.9 MW DC operational solar | ||
size, turnover etc. | project in Jodhpur district of Rajasthan, currently owned | |||
by Jakson Power Private Limited | ||||
During FY 2021-22, the project had a total revenue of | ||||
INR 23.6 Crores | ||||
2. | Whether the acquisition would fall | The Transaction would not fall under Related Party | ||
within related party transaction(s) | Transaction | |||
and whether | the | promoter/ | ||
promoter group/ group companies | ||||
have any interest in the project | ||||
being acquired? | If yes, | nature of |
interest and details thereof and whether thesame is done at "arm's length"
- Industry to which the project being acquired belongs
- Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target project, if its business is outside the main line of business of the listed entity).
Solar Energy Generation
The acquisition of aforesaid solar project is in line with the VRET investment strategy as provided in the Trust Deed with a focus to ensure stable distribution to unitholders by owning assets with long term contracts
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VIRESCENT INFRASTRUCTURE INVESTMENT MANAGER PRIVATE LIMITED
Company Identity Number - U74999MH2020PTC344288
Email: info@virescent.co.in
Registered Office: 10th Floor, Parinee Crescenzo, C- 30, G Block, Bandra Kurla Complex, Bandra
(East) Mumbai 400051 Maharashtra, India
Sr. No. | Particulars | Details |
5. | Brief details of any governmental | The required governmental and regulatory approvals |
or regulatory approvals required | have been obtained. | |
for the acquisition. | ||
6. | Indicative time period for | The completion of acquisition would depend upon |
completion of the acquisition | completion of contractual obligations. | |
7. | Nature of consideration - | Cash consideration |
whether cash consideration or | ||
share swap and details of the | ||
same; | ||
8. | Cost of acquisition or the price at | Enterprise Value of approximately INR 128.0 crores |
which the shares are acquired; |
9. Percentage of shareholding / control acquired and / or number of shares acquired;
Not applicable since the project is being acquired through slump sale by USUPL, 100% Subsidiary of VRET
10. Brief background about the project acquired in terms of products/ line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired project has presence and any other significant information (in brief);
JPPL operates 20.0 MW AC / 25.9 MW DC solar power plant in Jodhpur district of Rajasthan. JPPL entered into PPA with NTPC Vidyut Vyapar Nigam Limited on January 25, 2012, for tenor of 25 years. The project was commissioned in February 2013. Total revenue of the project for the last three years was as follows:
FY 2019-20
FY 2020-21
FY 2021-22
INR 26.7 Crore
INR 26.1 Crore
INR 23.6 Crore
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Virescent Renewable Energy Trust published this content on 19 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2022 20:55:56 UTC.