Aarti Drugs has signed and executed the Share Subscription and Shareholders’ Agreement with Prozeal Green Power (Promoter Company) and Pro-Zeal Green Power Six, a Special Purpose Vehicle (SPV) formed for developing, constructing, operating and maintaining a solar power plant, for acquisition of at least 26.25% Equity Shares of the SPV and Compulsory Convertible Debentures.
To meet the green energy needs and optimise energy costs, the company will acquire 26.25% equity stake in SPV as per Electricity Laws. The solar power generated by the SPV will be supplied to the company (Aarti Drugs) for its captive consumption. Cost of acquisition is Rs 1.65 crore. The said acquisition is expected to be completed within 30 days from the execution of Share Subscription and Shareholders’ Agreement.
Aarti Drugs is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs), Pharma Intermediates, Specialty Chemicals and also produces Formulations with its wholly-owned subsidiary - Pinnacle Life Science.
| Company Name | CMP |
|---|---|
| Sun Pharma Inds. | 1837.15 |
| Dr. Reddys Lab | 1271.55 |
| Cipla | 1353.85 |
| Zydus Lifesciences | 1070.90 |
| Lupin | 2351.90 |
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