KPI Green Energy plans acquisition of Power Generation Company

KPI Green Energy's board has approved of an acquisition of a power generation company. On October 11, the board gave the green light to acquire 9,990 equity shares, equivalent to 99.90 percent of the share capital, of KPark Sunbeat Private Limited for a sum of Rs 126 crore.

The company will issue 15,18,480 equity shares, each with a face value of Rs 10, at an issue price of Rs 830.15 per share on a preferential basis to Dr. Faruk G Patel, the promoter of the company. The remainder will be settled in cash, as stated by the company. This issuance is contingent upon the approval of the company's members and any other necessary regulatory or governmental authorities.

KPark Sunbeat Private Limited specializes in the development of solar power projects, with plans underway to establish a 70 MW solar park in Dhrangadhra and another 30 MW park in Surat, both located in Gujarat. The company also owns 2,11,367 sq. meters of land in Surendranagar, Gujarat, designated for solar power initiatives.

For the fiscal quarter of 2023-24 (Q2FY24), KPI Green Energy reported a substantial 57 percent surge in its consolidated post-tax profit, amounting to Rs 34 crore. The company's consolidated revenue also witnessed a year-on-year increase of 43 percent, rising from Rs 159 crore to Rs 215 crore