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Pennar Industries to sell its stake in subsidiary Pennar Renewables

Capital Market 

To Greenko Solar Energy

Pennar Industries has agreed to enter into an agreement to sell its stake in its subsidiary Pennar Renewables to Greenko Solar Energy. Once the sale of transaction completes, debt of the company reduces by around Rs. 101 crore from its consolidated Balance Sheet. The proceeds from the sale of transaction will be used by the company to expand its product base and addressable markets.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 16:48 IST