Swelect Energy Systems has informed that the Company had approved the proposal of sale of entire equity shares (10,000 equity shares) held in SWELECT HHV Solar Photovoltaics (Wholly Owned Subsidiary) to SWELECT Energy Systems Pte., Singapore (Wholly Owned Subsidiary) at its Board meeting held on 11.11.2022. Pursuant to the Share Purchase Agreement (SPA) dated 23.11.2022 the Company has received a total consideration of INR 20 Crores from SWELECT Energy Systems Pte., Singapore and the Board of Directors of SWELECT HHV Solar Photovoltaics at their meeting held on 26.12.2022 had approved the above share transfer. It may also be noted that the status of SWELECT HHV Solar Photovoltaics has been changed from Wholly Owned Subsidiary to Wholly Owned step down Subsidiary of SWELECT Energy Systems with effect from 26th December 2022.
The above information is a part of company’s filings submitted to BSE.