 "Inox Wind arm inks share purchase agreement to divest stake in six firms")
Inox Wind on Monday said its arm Inox Wind Infrastructure Services Ltd (IWISL) has inked a share purchase agreement to sell its entire equity stake in six firms to wholly-owned subsidiary Resco Global Wind Services.
The six arms are Marut-Shakti Energy India, Sarayu Wind Power (Kondapuram) Pvt Ltd, Sarayu Wind Power (Tallimadugula) Pvt Ltd, Vinirrmaa Energy Generation, Satviki Energy Pvt Ltd and AABPWNE RBRK Investments Ltd.
"As a part of strategic business restructuring, the company's material subsidiary, IWISL has entered into a share purchase agreement today to sell the entire issued and paid up equity share capital of its...six wholly-owned subsidiaries to its fellow subsidiary, Resco Global Wind Services Private Ltd for cash consideration at par," a BSE statement said.
After the stake sale, the six companies shall cease to be 100 per cent subsidiaries of IWISL but shall continue to be step-down arms.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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