Syngene to Acquire a 26% Stake in Ampyr Renewable Energy Resources Eleven

Syngene International, an integrated research, development and manufacturing services company, announced on Tuesday that it will acquire up to 26% of the capital of Ampyr Renewable Energy Resources Eleven, a special purpose entity formed by Ampyr India Asset Holdings.

The transaction will cost around Rs 3.2 crore for Syngene. Through this acquisition, Syngene plans to produce and supply solar energy.

The company will retain a 26% stake in Ampyr Renewable Energy Resources Eleven for the duration of the power purchase agreement to maintain its captive status under the Electricity Act, the Power Purchase Agreement. purchase/subscription of shares and the shareholders’ agreement.

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The subscription for the shares of Ampyr Renewable Energy Resources Eleven will be on a fully diluted basis and in one or more tranches. In particular, the acquisition does not fall within the scope of transactions between related parties.

Ampyr Renewable Energy Resources Eleven was incorporated on April 13, 2021. It is active in the business of generating electricity from renewable power plants. The company will develop a 50 MWac solar power plant in the village of Benkanhal Kanakagiri Taluk, Koppal district in Karnataka.

Shares of Syngene International Ltd ended at Rs 573.95, up Rs 0.95, or 0.17% on BSE.

First post: STI