Havells India to make additional investment in subsidiary - Promptec
Capital MarketHavells India announced that the Executive Committee of the Board of Directors of the Company at its meeting held on 21 June 2018 has approved the exercise of 'Call Option' in terms of the Shareholders' Agreement dtd 22 April 2015 amongst the Company, Promptec Renewable Energy Solutions ('Promptec') and the Promoters of Promptec. With exercise of this Call Option, the Company will now invest upto 100% in the Paid-up Share Capital of Promptec, by way of purchase and/ or acquisition of remaining Equity Shares.
Promptec, a subsidiary where the Company presently holds around 69% stake, is a Bangalore based entity engaged in marketing and manufacturing of LED products including street lighting, office lighting and Solar lighting.
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