Comments
Swelect Energy Systems Ltd plans to invest Rs 22 crore in HHV Solar Technologies Ltd, a Bangalore based company.
This would be done through subscription of equity shares in the company and by purchase of stake held by SIDBI Venture Capital Ltd, Swelect Energy said in a statement to the stock exchanges today.
The board of directors of Swelect had on January 7 approved subscription to 10,15,079 shares in HHV Solar Technologies Private Ltd and purchase of 8,17,391 equity shares from SIDBI Venture Capital Ltd that it held in HHV Solar.
The aggregate investment for the proposed transaction was around Rs 22 crore.
The board has authorised Swelect Energy’s Managing Director, R. Chellappan, to handle the transaction.
Swelect Energy was formerly Numeric Power Systems, a major player in the Uninterruptible Power Supply business. Last year, Numeric Power sold its UPS business and decided to concentrate on solar power and was renamed Swelect Energy.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.