StarlinePS Enterprises Limited has approved the acquisition of a 50% stake in Celloraa Energy Private Limited, a solar cell manufacturing company, for a total cash consideration of Rs 160 crore. The approval was granted by the company’s Board of Directors.
Under the transaction, StarlinePS will acquire 25,000 equity shares of Celloraa Energy at Rs 64,000 per share, representing 50% of the target company’s post-money paid-up equity share capital. The acquisition will be completed in one or more tranches within 12 months, subject to customary conditions precedent, regulatory approvals and shareholder approval.
Celloraa Energy operates in the solar cell manufacturing sector. The company has an authorised share capital of Rs 1 crore comprising 10,00,000 equity shares of Rs 10 each and a paid-up share capital of Rs 2.5 lakh comprising 25,000 equity shares of Rs 10 each.
StarlinePS stated that the acquisition is not a related-party transaction and that neither its promoter, promoter group nor group companies have any interest in Celloraa Energy. The company added that the transaction is being undertaken on an arm’s-length basis.
The acquisition marks StarlinePS Enterprises’ entry into the renewable energy manufacturing sector.
The company stated that the acquisition will be executed in one or more tranches within 12 months, subject to customary conditions precedent, regulatory approvals and shareholder approval.
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