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TORRENT POWER LIMITED M&A Activity 2021
62307_rns_2021-07-30_eab73e54-1355-4b53-9902-bdbcc8e0b854.pdf
M&A Activity
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July 30, 2021
To, Corporate Relationship Department BSE Limited, 14th Floor, P. J. Towers, Dalal Street, Fort, Mumbai - 400 001 SCRIP CODE: 532779
To,
Listing Department National Stock Exchange of India Limited "Exchange Plaza", C-1, Block G, Bandra- Kurla Complex, Bandra (East), Mumbai - 400 051 SCRIP SYMBOL: TORNTPOWER
Dear Sirs,
- Sub.: Securities Purchase Agreement between Torrent Power Limited, Lightsource India Limited ("Seller 1 "), Lightsource Renewable Energy (India) Limited ("Seller 2") and LREHL Renewables India SPV 1 Private Limited
- Ref: Intimation under Regulation 30 read with Schedule Ill to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
We hereby inform that Torrent Power Limited has entered into a Securities Purchase Agreement for acquisition of 100% of the share capital and all securities of LR EHL Renewables India SPV 1 Private Limited from Seller 1 and Seller 2.
The details as required pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular no. CIR/ CFO/ CMD/ 4/ 2015 dated September 09, 2015 are given as under:
| Particulars | Details |
|---|---|
| Name of the target entity, details in brief such | Target Entity- LREHL Renewables India );> |
| as size, turnover etc. | SPV 1 Private Limited ("SPV") |
| Project Size - 50 MW );> |
|
| Turnover in FY 2020 - ~ 42.01 Crore );> |
|
| Whether the acquisition would fall within | No |
| related party transaction(s) and whether the | |
| promoter/. promoter group/ group companies | |
| have any interest in the entity being |
|
| acquired? If yes, nature of interest and |
|
| details thereof and whether the same is done | |
| at "arm's length". | |
| Industry to which the entity being acquired | Renewable energy generation |
| belongs | |
TORRENT POWER LIMITED CIN : Ll I 200Gj2004PLC0«068
Regd. Offlce : "Samanvay", 600, Tapovan, Ambawadl, Ahmedabad - 380015, Gujarat, India Phone: 079-26628300 www.torrentpower.com
| Particulars | Details |
|---|---|
| Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed |
This acquisition supports the Company's focus area of sustainable growth through Renewable Energy |
| entity) | |
| Brief details of any governmental or regulatory approvals required for the acquisition |
Not applicable |
| Indicative time period for completion of the acquisition. |
60 days from the date of signing of the Securities Purchase Agreement ("SPA") |
| Nature of consideration - whether cash consideration or share swap and details of the same. |
Cash |
| Cost of acquisition or the price at which the shares are acquired. |
~ Enterprise value of approx. ~317 Crore, subject to Closing Price adjustments The amount is inciuding Viability Gap )> Funding of Rs. 9.8 Crore, which the Company is entitled to receive from SECI. It shall passed on to the Sellers upon receipt from SECI, subject to applicable taxes. |
| . I Percentage of shareholding control acquired and I or number of shares acquired; |
Acquisition of 100% of the Share capital and all the securities of the SPV held by Seller 1 and Seller 2. |
| Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity |
» SPV was incorporated on November 02, 2016 with an objective of generation of electricity using renewable energy |
| has presence and any other significant |
» Turnover |
| information (in brief). | Year Amount (in ~ Crore) FY 2017-18 NIL |
| FY 2018-19 42.33 |
|
| FY 2019-20 42.01 |
|
| SPV has operating solar project of 50 );> MW, having long-term Power Purchase Agreement (PPA) with SECI at a tariff of ~4.43/ kWh and is also additionally eligible to receive VGF support of~ 9.80 Crore. » The project is located in the state of Maharashtra and was commissioned in April, 2018. |
CIN : L31200GJ2004PLC04406B
- TORRENT POWER LIMITED E-mail:csttorrent,ower.com
You are requested to take the above on record.
Thanking you,
Yours faithfully,
For Torrent Power Limited
~C'. ~
RahulShah Company Secretary & Compliance officer
TORRENT POWER LIMITED CIN : L3 I 200G 2004PLC04~06 8
Regd. Office : "Samanvay", 600, Tapovan, Ambawadi, Ahmedabad - 380015, Gujarat, India Phone: 079-26628300 www.torrentpower.com