Companies

Sembcorp increases shareholding in India business

New Delhi | Updated on July 11, 2019 Published on July 11, 2019

Sembcorp Industries Ltd has raised its effective stake in its India energy arm, Sembcorp Energy India Ltd (SEIL), from 93.73 per cent to 94.05 per cent.

“This is as a result of a subscription to 275 million additional shares in SEIL by Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities Pte Ltd (SCU). Based on the fair value of the shares, Sembcorp has injected equity of about Rs 516.9 crore (about S$101.6 million) into SEIL to support the growth of its India renewable energy business,” a company statement said.

The equity injection is funded through a mix of internal funds and borrowings. The balance shares in SEIL is owned by SCU’s local partner, Gayatri Energy Ventures Private Ltd, the statement added.

Published on July 11, 2019
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