Mahindra & Mahindra on Friday said its wholly-owned arm Mahindra Renewables will sell its entire stake in three subsidiaries to CLP India, a part of Hong Kong-based CLP Group, for nearly ₹340 crore.
Mahindra Renewables Pvt Ltd (MRPL) has agreed to sell its entire stake aggregating 100 per cent of the paid-up equity share capital in Cleansolar Renewable Energy Pvt Ltd (CREPL), Divine Solren Pvt Ltd (DSPL) and Neo Solren Pvt Ltd (NSPL), wholly-owned subsidiaries of MRPL, to CLP India Pvt Ltd, Mahindra & Mahindra said in a regulatory filing.
As per the share purchase agreement, CLP will acquire 96,23,000 equity shares of ₹10 each in CREPL at a price of ₹113.11 per share, aggregating to ₹108.85 crore.
