Renewable energy sector looks at storage for succour
Only way out for the industry is to sell power directly to customers
We would like to bring to your notice the following:
Srei Infrastructure Finance Limited (Srei Infra) and its wholly-owned subsidiary Srei Equipment Finance Limited (Srei Equipment) had approved a Composite Scheme of Arrangement and Amalgamation at a meeting of the Board of Directors on January 21, 2019. Subsequently, with the developing market conditions in the NBFC sector, the management and the Board of Directors have had several discussions and deliberations with market experts, consultants and others and the Board considered that the aforesaid Scheme should not be followed through.
Following these discussions, the Board of Directors of both Srei Infra and Srei Equipment at a meeting held on July 04, 2019 have decided for the purposes of consolidation of lending business to transfer the Lending Business, Interest Earning Business & Lease Business of Srei Infra together with associated employees, assets and liabilities (including liabilities towards issued and outstanding non-convertible debentures issued by Srei Infra), as a going concern by way of slump exchange to Srei Equipment, for such lump sum consideration as mutually agreed and which shall be discharged/ paid by Srei Equipment by issue and allotment of fully paid up equity shares of Srei Equipment.
Kindly take note of the above intimation and acknowledge receipt of the same.
Source : BSE - www.bseindia.com
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